India mulls trade in Russian grain – media
India is considering resuming purchases of Russian wheat with the aim of processing and re-exporting it, the TASS news agency reported on Tuesday, citing a source close to the country’s Agriculture Ministry. This is reportedly seen as a way for India to increase its own exports.
New Delhi previously bought wheat from Ukraine, Russia, and Australia but has currently stopped importing grain, according to the source. The decision to halt the purchases was said to have nothing to do with the ongoing military conflict.
“Starting from 2018, India launched a state program on boosting national exports and sharply limited agricultural imports in order to support domestic producers,” the source told the outlet, adding that since then his country had completely stopped imports of wheat and yellow peas.
Instead, India is reportedly looking to establish joint ventures in the country to process Russian wheat into flour and other goods, such as pasta, and resell them to neighboring countries. It may also import goods manufactured in Russia that are ordered by Indian retailers, according to the outlet.
The source told the agency that in the financial year of 2017-2018, overall volumes of wheat imported by India were worth $364.5 million. Russia's share of that came in at $86.87 million, while Ukraine and Australia accounted for a respective $148.93 million and $125.63 million.
For more stories on economy & finance visit RT's business section
