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Russia-Ukraine conflict opened opportunities for Indian exporters
Traders' body CAIT on Friday said the sanctions imposed on Russia amid the ongoing Russia-Ukraine conflict have opened opportunities for Indian exporters. The Confederation of All India Traders (CAIT) said that trade organisations from Russia have reached out to it seeking assistance to link the Russian demand for FMCG goods with Indian manufacturers, traders and exporters.
Earlier, Russia was importing a large number of FMCG and consumable goods from the US, the UK and European Countries which has now stopped because of the sanctions on Russia, CAIT stated.
It termed this situation as a "blessing in disguise" for Indian manufacturers and traders to fill the void with Indian goods.
The traders' body said "several credible trade organisations of Russia have reached out to the Confederation of All India Traders (CAIT) seeking its assistance to link the Russian demand with Indian manufacturers, traders and merchant exporters".
The bilateral trade between India and Russia in April 2020 to March 2021 period was of USD 8.1 billion, out of which exports from India to Russia were USD 2.6 billion, while imports from Russia were USD 5.48 billion, CAIT said, adding that "we can rapidly increase the export figures from India to Russia.
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