New Delhi: Rising fertilizer prices amid Russian attack on Ukraine have added to the problems of an agrarian country like India. Russia is a major producer of fertilizers all over the world and due to sanctions, it is no longer able to send fertilizers to the global market, which is increasing the prices of fertilizers. Meanwhile, the big news of relief for India is that the Indian government has given a green signal to a large supply of fertilizers from Russia. According to officials, the negotiations for this import deal that went on for years have been given the final approval.
It is noteworthy that Russia is under sanctions for the attack on Ukraine, due to which it is not able to trade in dollars. America has tried to warn India many times about trade with Russia. However, India has made it clear that it will decide its foreign policy according to its interests. Due to the restrictions of western countries, India-Russia are adopting barter system for trade. Under this, India will buy fertilizers from Russia. In return, tea of the same value, raw materials for industries and auto parts will be sent to Russia.
Let us tell you that most of the population of India is dependent on agriculture. Agriculture accounts for 15 per cent of India's $2.7 billion economy. The import of fertilizers has been affected by the Russo-Ukraine war, increasing the burden on farmers. India had started the deal for fertilizer purchase from Russia in February itself. This long-standing deal of the Indian government with the Russian government to reduce the prices of fertilizers has now reached its final stage after months.
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