New Delhi has saved an estimated $5 billion on deliveries despite shrinking discounts India’s imports of Russian seaborne crude oil rose 10-fold in the financial year ending March 31, according to Bank of Baroda (BoB), the country’s second-largest public sector lender. Asia’s third biggest economy saved an estimated $5 billion during the period thanks to hefty discounts offered by Moscow. The ramped-up crude purchases helped India’s foreign exchange reserves to increase by $4.53 billion to $588.78 billion as of April 28, according to the Reserve Bank of India (RBI), the nation’s central bank. Russia has pivoted to
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