India boosts Russian grain imports

MOSCOW, July 10 (Reuters): India increased its imports of Russian grain and grain products 22 fold, well above other major importers, in the 2023/24 agricultural season, according to data released during Prime Minister Narendra Modi's visit to Moscow.

Economic cooperation between the two BRICS members and major agricultural powers is high on the agenda of the visit.

Modi thanked Russian President Vladimir Putin for supporting Indian farmers with stable supplies of fertilizers. At the start of the year, Russia was supplying a third of India's fertilizer imports.

"Thanks to our friendship, we managed to resolve difficulties for Indian farmers. We met all their needs for fertilizers. This is a special role of our friendship," Modi told Putin during a meeting in the Kremlin.

Russia and India have set a bilateral trade target of $100 billion across a "broad base" by 2030, up from the current $65 billion, Indian Foreign Secretary Vinay Mohan Kwatra said on Tuesday.

Data released by the Russian agricultural watchdog showed that Russia exported up to 89.3 million tons of grain and grain products in the 2023/24 agricultural season, 21 per cent more than in the previous season.

India, with its 22-fold increase, was well ahead of Indonesia with an eight-fold increase and Tunisia with a three-fold increase.