A large delegation of Indian machinery representatives will visit Russia. Despite EU and U.S. sanctions, India intends to strengthen economic relations with Russia.
On Tuesday, November 11, a large delegation of Indian exporters will arrive in Russia for a four-day visit. This was reported by the Economic Times (ET).
It is noted that this trip is part of New Delhi's efforts to explore new export markets amid a sharp increase in tariffs by U.S. President Donald Trump. The delegation will include more than 20 representatives from the machinery sector, which accounts for nearly one-fifth of India's total merchandise exports.
According to the head of the delegation, President of the Federation of Indian Export Organizations (FIEO) Subhash Chandra Ralhan, Russia is an important business partner for India. The machinery and tool manufacturing segments hold significant potential for the development of this cooperation.
"Our machinery exports to Russia are growing rapidly and are expected to reach $1.75 billion this year," Ralhan said.
In this regard, it is noted that exports of machinery products to the U.S. fell by 9.4 percent year-on-year in September to $1.4 billion. The total export volume to the U.S. dropped to $5.4 billion, although it was $6.9 billion in August.
According to Russian diplomats, India continues to import Russian oil, which contradicts recent statements by Trump that these supplies have allegedly almost completely ceased, Western media report.
