India-Russia trade deficit widens eightfold as crude imports surge ...News

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India-Russia trade deficit widens eightfold as crude imports surge
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New Delhi has imported oil worth over $46bn during the 2024 fiscal – an all-time high New Delhi’s trade deficit with Moscow has increased by 33% to over $57 billion in the 2023-24 financial year, Mint reported on Monday, citing India’s Commerce Ministry’s data. The trade deficit has grown eightfold since 2021-22, when India started ramping up oil purchases from Russia, while its exports during the same period increased by about 32%. During last fiscal (India’s financial year is April 1 to March 31), the South Asian nation’s imports from Russia have increased by 33% to $61.4 billion, largely on the back of crude oi

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