Minister of State for External Affairs Meenakshi Lekhi informed the Lok Sabha that the Indian government is studying the impact of the ongoing situation in Ukraine on bilateral trade and economic relations between India and Russia after consulting all stakeholders.
Lekhi went on to say that many countries' sanctions on Russia have had an impact on energy and commodity prices, and that these sanctions can potentially affect the global economy by disrupting supply networks.
"Due of the crisis, many nations have imposed sanctions on Russia. These are predicted to have an effect on the global economy, including supply chain disruption. It has already had an influence on energy and commodities prices. In conjunction with all stakeholders, we are currently analysing its impact on bilateral trade and economic relations between India and Russia. Lekhi told the Lok Sabha that India's relations with Russia "stand on their own merits."
According to data from the Department for Promotion of Industry and Internal Trade (DPIIT) published by Lekhi, FDI traffic between India and Russia was USD75.83 million from 2016-17 to 2021-22 (April-December), whereas FDI flow between India and Ukraine was USD4.96 million.
‘Edible oil prices have shot up across world’, Goyal inform to Rajya Sabha
UNCTAD downgrades India's GDP growth to 4.6pc due to ongoing war in Ukraine
