The conflict in Ukraine increased gasoline costs worldwide and made it possible for Russia to ship inexpensive oil to refineries in India. So much so that within a few months following the battle, Russia overtook Saudi Arabia as India’s top oil supplier. Vladimir Putin, the president of Russia, addressed the attendees of the BRICS Business Forum in a video welcome in which he discussed discussions to bring Indian chain shops to Russia and to increase the market share of Chinese vehicles, machinery, and equipment. President Putin stated that other areas of cooperation with India and the other BRICS countries are also advancing. He pointed out that the amount of Russian oil deliveries to China and India is increasing considerably.
In 2020, the Indian retail sector was forecast to be worth $800 billion, and given its rapid expansion, it is anticipated to reach $1.7 trillion by 2026, according to a Statista.com analysis. Reliance Retail Limited, Shoppers Stop, Aditya Birla, and a number of other retail giants operate in India. Which of these Indian chains would possibly join the Russian markets wasn’t mentioned, though. “Contacts between Russian business circles and the business community of the BRICS nations are being activated,” the Russian President declared. To boost the percentage of Chinese automobiles, machinery, and equipment in our market, for instance, talks are now taking place to launch Indian retail chains in Russia. Additionally growing is Russia’s influence inside the [BRICS] nations.Russian IT firms are growing their operations in South Africa and India, and our satellites beam TV to 40 million Brazilians, said the Russian president.
By Subhechcha Ganguly
