India’s President is likely to participate in the biggest-ever Russian business conference to be launched by Vladimir Putin.
India’s President is likely to participate in the biggest-ever Russian business conference to be launched by Vladimir Putin.
India will participate in the biggest-ever Russian business meeting, which is expected to be launched by President Vladimir Putin on Wednesday.
The Indian delegation to the St Petersburg International Economic Forum (SPIEF) will be led by Mansukh Mandaviya, Minister of Health and Family Welfare and Chemicals and Fertilizers and will focus on supply of fertilizers and potash as India races to ensure uninterrupted fertilizer supply. Kharif season.
Potash supplies were hit in February as Western sanctions targeted Russia, a major supplier of potash to the global market.
This will be the 25th edition of SPIEF and will run from June 15 to 18. Egypt will be the guest country this year. In 2017, the Prime Minister of India, Narendra Modi was the chief guest at the meeting.
At the inauguration, Mr. Putin is expected to deliver a keynote address on Russia’s new economic orientation as the “special military operation” began. Ukraine on February 24,
unused items
As the war in Ukraine broke out, the Russian economy was hit by Western sanctions, leaving Russia with an untapped supply of goods that under normal circumstances would have been exported to European markets. Russia currently holds surplus food grains, pulses, spices such as coriander, iron and steel, minerals, fertilisers, wood and paper and other commodities and is looking for access to new markets in the global south.
India has increased its purchase of Russian crude oil as Moscow is offering hydrocarbons at huge discounts. Commodity traders in the Indian capital have noticed that Moscow is offering goods at a price not found anywhere else.
‘fat chance’
Rameshwar Singh, Head of Disha, India-Russia Friendship Society in Moscow, said, “SPIEF provides a great opportunity for the Indian business class to locate Russian production centers as the world is facing a commodity shock.” Stock of many commodities that India and other developing markets may find attractive. ,
This year coincides with a crucial phase in the SPIEF war in which North Atlantic Treaty Organization Secretary General Jens Stoltenberg has spoken openly about a “negotiated agreement” as Ukrainian forces face increasing difficulty in dealing with the Russian campaign.
The ongoing fighting in Severodnetsk has left the Ukrainian military isolated, with Russia gaining an upper hand in the overall combat landscape. Severodnetsk is a symbolic matter for Ukraine as it is the last part of eastern Ukraine that Kyiv currently controls, and losing the city would be a turning point in the war.
In its previous episodes, SPIEF attracted a large number of European and North American participants. But it is unlikely this year due to restrictions. This means that India, China and other Asian and African countries will be in focus.
focus on fertilizers
Sources said the Indian delegation would focus on securing fertilizer supplies from Russia. The war in Ukraine has disrupted its supply, causing instability in the food and agricultural markets. One of the main reasons for this official focus on fertilizers is the disruption in the supply of potash, a key ingredient in fertilizers of which Russia is a major producer. As India enters the monsoon season and kharif cultivation, there is a need to ensure a steady supply of potash by the end of this summer.
Last month, a high-level delegation led by Dr. Mandaviya visited Jordan from May 13 to 15 with the aim of making fertilizers and raw materials safe for short and long term.
“This strategically important visit comes in the backdrop of the ongoing global fertilizer crisis,” the ministry said. The Minister said that the visit to Jordan has proved to be important in ensuring the supply of Phosphatic and Potash fertilizers to India.
MoU was signed with Jordan Phosphate Mining Company for supply of 30 LMT Rock Phosphate, 2.50 LMT DAP, 1 LMT Phosphoric Acid for the current year with Indian Public, Cooperative and Private Sector companies. India has also signed a long-term MoU for five years with Jordan for an annual supply of 2.75 LMT of MOP, which will increase equally every year to 3.25 LMT.’ “These supplies will be crucial for assured fertilizer supply for the upcoming crop season in India,” the Union Minister said.