New Delhi: The government of Moscow has turned toward India for medical equipment as imports from China and western countries reduced sharply. Russia is seeking more medical equipment from India after sanctions, and logistical logjams following President Vladimir Putin’s invasion of Ukraine have sharply reduced imports from Europe and China.
According to a media report, In 2021, over 784 billion Russian rubles worth of finished pharmaceutical products were imported into Russia from countries excluding the EAEU, reaching the highest value over the observed period. In 2020, the import value of finished pharmaceuticals amounted to nearly 557 billion Russian rubles.
The government of India is hoping to boost exports to Russia as the two nations work out a payment system in local currencies similar to the one used during the Cold War to maintain bilateral trade as Moscow faces sweeping international sanctions.
As per Rajiv Nath, a forum coordinator for the Association of Indian Medical Device Industry – Medical equipment companies from India and Russia will discuss ways to boost supplies during a virtual meeting on April 22. Currently, India is an insignificant player in the Russian market and hopes to increase exports this year almost 10-fold to 2 billion rupees ($26.2 million).
The event was confirmed by Business Russia, a business group that promotes bilateral ties.
New Delhi was criticized by the US and its allies for buying more Russian oil after they sought to isolate Russia due to its war in Ukraine.
(Vinayak)