Health Minister Mandaviya to visit Russia for economic meet

India to participate in biggest Russian trade meet likely to be launched by President Vladimir Putin.

India will participate in the biggest Russian trade meet that is expected to be launched by President Vladimir Putin on Wednesday. 

The Indian delegation for St. Petersburg International Economic Forum (SPIEF) is to be led by Minister of Health and Family Welfare and Chemical and Fertilisers Mansukh Mandaviya and the focus will be on fertiliser and potash supplies as India rushes to ensure uninterrupted fertiliser supply in the kharif season.

Potash supply was hit in February as Western sanctions targeted Russia, the leading supplier of potash in the global market.

 This will be the 25th edition of the SPIEF and will take place from June 15 to 18. Egypt will be the guest country this year. In 2017, India’s Prime Minister Narendra Modi was the chief guest at the meet.

At the inauguration, Mr. Putin is expected to deliver a major speech on the new economic orientation of Russia since the “special military operation” began in Ukraine on February 24.

The Russian economy was hit by Western sanctions as the war in Ukraine began, leaving Russia with unused supplies of commodities that in normal circumstances would have been exported to the European markets. Russia currently holds surplus food grains, lentils, spices such as coriander, iron and steel, minerals, fertilisers, timber and papers and other commodities and is looking for access to new markets in the Global South.

India has increased purchase of Russian crude as Moscow has been offering hydrocarbons at a steep discount. Commodities traders in the Indian capital have observed that Moscow is offering items at a price not found elsewhere.