Engg goods trade with Russia up at $1 bn: EEPC

By March-end, Indian exporters are expected to receive their payments in rupees from Russia

- Dhirendra Kumar

As trade denominated in rupees with Russia and Sri Lanka is gaining momentum, India’s annual export of machinery, auto parts and other engineering goods to these countries witnessed significant growth in the nine months of FY24.

In an exclusive interview with Mint, Arun Kumar Garodia, chairman of the Engineering Export Promotion Council of India (EEPC), said that the trade of engineering goods with Russia has doubled to over $1 billion in nine months (April-December 2023). By the end of the current fiscal, Indian exporters are expected to receive their payments in rupees from Russia which will be worth over one billion dollars, said Garodia, who represents over 12,000 small engineering goods exporters. India is yet to officially release the figures of bilateral trade settlements in local currency.