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Earlier, Russia was importing a lot of FMCG and consumable items from the US, the UK and European Nations which has now stopped due to the sanctions on Russia, CAIT acknowledged.
It termed this example as a “blessing in disguise” for Indian producers and merchants to fill the void with Indian items.
The merchants’ physique mentioned “a number of credible commerce organisations of Russia have reached out to the Confederation of All India Merchants (CAIT) searching for its help to hyperlink the Russian demand with Indian producers, merchants and service provider exporters”.
The bilateral commerce between India and Russia in April 2020 to March 2021 interval was of USD 8.1 billion, out of which exports from India to Russia had been USD 2.6 billion, whereas imports from Russia had been USD 5.48 billion, CAIT mentioned, including that “we will quickly improve the export figures from India to Russia.”
