NEW DELHI: India’s imports from Russia rose by a whopping 64% during the April-October period this fiscal amid the country’s growing thirst for discounted crude.
According to commerce ministry data, India’s imports from Russia rose to $36.27 billion during April and October from $22.13 billion during the same period last fiscal.
With this, Russia has become India’s second-largest import source during the first seven months of this fiscal.The world’s third-largest crude consumer after US and China, India imports 85 percent of its needs.
Since the war in Ukraine, India has been snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe.
Data shows that Russia, which accounted for just 1% of India’s import basket, now fulfils nearly 40% of its oil needs.
At the same, imports from China dipped marginally to $60.02 billion during the period against $60.26 billion in the year-ago period.
Similarly, imports from the US declined 16 per cent to $24.89 billion during the period under review from $29.56 billion last year.
According to the ministry data, imports also dipped from Saudi Arabia, Iraq, Indonesia, Singapore, and Korea during the first seven months of this fiscal.
Last week, Reuters reported that India saved roughly $2.7 billion by importing discounted Russian oil so far this year.
Snapping up oil at discounted rates from heavily-sanctioned Russia has helped India support economic growth and ease pressure on trade deficit.
It has also enabled India to reduce its dependence on traditional suppliers from the Middle East, where prices strengthened following Saudi Arabia’s voluntary additional supply cuts since July.
(With inputs from agencies)
According to commerce ministry data, India’s imports from Russia rose to $36.27 billion during April and October from $22.13 billion during the same period last fiscal.
With this, Russia has become India’s second-largest import source during the first seven months of this fiscal.The world’s third-largest crude consumer after US and China, India imports 85 percent of its needs.
Since the war in Ukraine, India has been snapping up discounted crude from Russia, refining it and selling it, becoming a key supplier to Europe.
Data shows that Russia, which accounted for just 1% of India’s import basket, now fulfils nearly 40% of its oil needs.
At the same, imports from China dipped marginally to $60.02 billion during the period against $60.26 billion in the year-ago period.
Similarly, imports from the US declined 16 per cent to $24.89 billion during the period under review from $29.56 billion last year.
According to the ministry data, imports also dipped from Saudi Arabia, Iraq, Indonesia, Singapore, and Korea during the first seven months of this fiscal.
Last week, Reuters reported that India saved roughly $2.7 billion by importing discounted Russian oil so far this year.
Snapping up oil at discounted rates from heavily-sanctioned Russia has helped India support economic growth and ease pressure on trade deficit.
It has also enabled India to reduce its dependence on traditional suppliers from the Middle East, where prices strengthened following Saudi Arabia’s voluntary additional supply cuts since July.
(With inputs from agencies)