new Delhi. War broke out between Russia and Ukraine (Russia-Ukraine War) If the crisis is prolonged or due to this, then both the Indian farmer and the jawan will have to suffer. India’s trade relations with Russia and Ukraine are very strong and it is increasing continuously.
Actually, India imports fertilizers in large quantities from both Russia and Ukraine. Along with this, it also buys many types of advanced weapons, including fighter aircraft, missile defense systems, from Russia. Due to the war, its supply will be affected and pressure will increase on the agricultural sector which plays a big role in the country’s economy.
Also read – Gold-Silver Rate: Gold’s shine decreased in the market, cheaper silver also fell by Rs 656
how much fertilizer import from russia
Indian fertilizer companies import 4 lakh tonnes of Diamine Phosphate (DAP) every year from Russia. With the efforts of the government, both the countries are trying to reach 1 million tonnes of this trade annually. Apart from this, an agreement was also signed in 2021 to increase the import of potash. India is also trying to procure 8 lakh tonnes of nitrogen, phosphorus and potassium every year. In 2020, India imported fertilizer worth $ 61 million from Russia itself.
Bumper purchase of weapons too
India has a long line of Russian-made weapons. Recently an agreement was signed with Russia to buy the S-400 defense missile system, of which only a quarter has been supplied so far. According to government data, Russia’s share in India’s total arms purchased from 2012 to 2016 was 68 percent. It is clear that if the effect of war increases, then the defense system of these India will also have to bear the brunt of it.
Also Read – NSE Scam: CBI Arrests Anand Subramaniam, Arrested From Chennai Last Night
Import of sunflower oil and fertilizer from Ukraine
Ukraine has a large quantity in the total fertilizers imported by India. According to government figures for 2020, Ukraine had exported fertilizers worth 232.8 million dollars to India. It included many fertilizers including potassium, urea. Apart from this, Ukraine’s share in India’s total sunflower oil is 70 percent. Obviously, if the crisis increases, then its price can increase by 60 percent. Sunflower accounts for 14% of the total edible oil used in India.
What is the total trade of India-Ukraine and Russia
Russia is the world’s 25th largest trading partner with India. So far, bilateral trade of $ 9.4 billion has been done between the two countries in 2021-22. India mainly imports fuels, mineral oils, pearls, precious stones, nuclear reactors, machinery and electronic machinery, while exports of pharmaceuticals, electric machinery equipment and organic chemical products and vehicles.
Also read – Bank Lockers New Rule: How much compensation will be given to customers on loss, RBI issued instructions
India’s total trade with Ukraine this year has been $2.3 billion. In this, agricultural products, metals, plastics and polymers were imported, while medicines, machinery, chemicals and food products were exported. Only urea and sunflower oil account for $2 billion in India’s total imports.
Also read – Petrol Diesel Prices Today: Petrol-Diesel prices changed in many cities including Chennai-Lucknow, see what has changed in your city too?
100 crore loss to Bihar alone
The silk of Bhagalpur in Bihar is famous all over the world. As soon as Russia started its war with Ukraine, 20 percent of the orders were canceled. In European countries, silk, tasar, linen, cotton scarves etc. are exported from Bhagalpur. Only Ukraine gets goods worth 25-30 crores every year. Overall, exports of about 100 crores will be affected due to impact on trade.
Tags:, India Defense
Read Article in हिन्दी