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India’s Modi Calls For Finding Solutions to Issues With Food & Fuel Security During Talks With Putin
India’s Modi Calls For Finding Solutions to Issues With Food & Fuel Security During Talks With Putin
This year’s SCO summit marks the first in-person meeting between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin since February. At… 16.09.2022, Sputnik International
2022-09-16T13:07+0000
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Russia’s ambassador to India, Denis Alipov, said earlier this week that the two countries are “very motivated” to ensure that the defense cooperation between the two strategic partners is “uninterrupted” by the Ukraine crisis: “We managed to successfully mitigate barriers created by negative external factors and adjust to new realities using alternative payments and logistics options.”What’s more, Delhi’s crude oil imports from Moscow have jumped 50-fold since April 2022: in July, Russia became India’s second-biggest oil supplier after Iraq, surpassing Saudi Arabia in the April-June quarter. India’s Foreign Minister S. Jaishankar has defended oil purchases, saying that the largest democracy in the world had ensured that its citizens are not burdened with high prices of petroleum products.Overall, the trade turnover reached $11.5 billion in the first half of 2022, up almost 120% year on year. Meanwhile, the annual bilateral trade is expected to cross $20 billion in the current financial year ending March 2023, with the resumption of a new rupee-ruble arrangement by the end of September.Russia has become a crucial partner in fulfilling India’s fertilizer needs after global supply chains were disrupted due to the pandemic and Ukraine crisis, as PM Modi vowed to ensure an uninterrupted fertilizer supply for the half of the 1.4 billion population that depends on agriculture. Indian Commerce Ministry data suggests that New Delhi imported fertilizer worth $1.03 billion in April-July this year, in comparison to $773.54 million in the financial year 2021. Earlier in the day, speaking at the SCO Summit, Modi highlighted the constructive role the organization could play in the post-coronavirus era, particularly in fostering economic recovery and strengthening regional supply chains.Modi also mentioned the recent inauguration of the WHO’s first and only Global Center for Traditional Medicine and advocated for increasing cooperation on traditional medicine among SCO countries. “For this, India will take the initiative on a new SCO Working Group on Traditional Medicine,” Modi said.
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13:07 GMT 16.09.2022 (Updated: 13:08 GMT 16.09.2022)
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This year’s SCO summit marks the first in-person meeting between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin since February. At the same time, the two leaders have remained in close contact through phone calls. In 2023, India is expected to assume the presidency of the Shanghai Cooperation Organization (SCO).
Days before the meeting with Putin, PM Modi described Russia as a critical energy partner and vowed to explore the “huge potential in this area that remains untapped.“
Russia’s ambassador to India, Denis Alipov, said earlier this week that the two countries are “very motivated” to ensure that the defense cooperation between the two strategic partners is “uninterrupted” by the Ukraine crisis: “We managed to successfully mitigate barriers created by negative external factors and adjust to new realities using alternative payments and logistics options.”
India has maintained its stance of neutrality on the ongoing crisis in Ukraine and has continued active trade and military cooperation with Russia, despite Western criticism, saying that regular oil supplies ensure India’s national interests. Delhi has even boosted bilateral ties with Moscow by identifying new growth drivers such as energy, fertilizer, textiles, and machinery for a long-term sustainable economic cooperation.
What’s more, Delhi’s crude oil imports from Moscow have jumped 50-fold since April 2022: in July, Russia became India’s second-biggest oil supplier after Iraq, surpassing Saudi Arabia in the April-June quarter. India’s Foreign Minister S. Jaishankar has defended oil purchases, saying that the largest democracy in the world had ensured that its citizens are not burdened with high prices of petroleum products.
Overall, the trade turnover reached $11.5 billion in the first half of 2022, up almost 120% year on year. Meanwhile, the annual bilateral trade is expected to cross $20 billion in the current financial year ending March 2023, with the resumption of a new rupee-ruble arrangement by the end of September.
Russia has become a crucial partner in fulfilling India’s fertilizer needs after global supply chains were disrupted due to the pandemic and Ukraine crisis, as PM Modi vowed to ensure an uninterrupted fertilizer supply for the half of the 1.4 billion population that depends on agriculture.
Indian Commerce Ministry data suggests that New Delhi imported fertilizer worth $1.03 billion in April-July this year, in comparison to $773.54 million in the financial year 2021.
New Delhi has also welcomed Russia for continuing military supplies, including S-400 air defense missile systems, as Delhi has been engaged in a border stand-off with China in eastern Ladakh. Russia is India’s biggest defense partner, accounting for 70-80% percent of total military hardware in the Indian Armed Forces.
Earlier in the day, speaking at the SCO Summit, Modi highlighted the constructive role the organization could play in the post-coronavirus era, particularly in fostering economic recovery and strengthening regional supply chains.
Modi called for developing “reliable, resilient and diversified supply chains” in the region, and urged all member states to provide full transit rights to each other in order to improve the region’s connectivity.
Modi also mentioned the recent inauguration of the WHO’s first and only Global Center for Traditional Medicine and advocated for increasing cooperation on traditional medicine among SCO countries. “For this, India will take the initiative on a new SCO Working Group on Traditional Medicine,” Modi said.
