PM Modi indicates import of fertilisers & crude oil unlikely to stop

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In a clear indication of India continuing import of fertiliser and crude from

Russia

,

PM Modi

said Tuesday that the

India-Russia friendship

ensured

farmers

faced no shortage of the soil nutrient and protect the common man from difficulties.
PM said the bilateral cooperation has played a huge role in ensuring adequate availability of fertiliser and “we are committed to the interest of farmers”.

Russia emerged as a major supplier of fertiliser to India with the import increasing by more than 300% in the past three years – from 1.26 MT in 2021-22 to 5.23 MT in 2023-24. In value terms, the fertiliser imported during the last financial year was around $ 2.1 billion, compared to $ 773.5 million in 2021-22.
Import data also show that the quantity of value of shipment of crude has increased 10 times in the past three years, from $5.2 billion to $54.5 billion. Even in quantity, there has been a 45% increase in import of crude last year compared to 2022-23.
Officials said the import of fertiliser from Russia helped govt to ensure enough availability of the soil nutrient during the Covid-19 pandemic when the global supply chain was disrupted. Indian companies have continued importing the soil nutrients from the country even after the war in Ukraine and insulated farmers from additional financial burden.

The PM’s remarks come a day after the United States raised concerns with India about its relationship with Russia. Govt is also looking at the option to increase the import of muriate of potash (MOP) from Russia as the Red Sea crisis continues and has pushed up freight charges for fertilisers imported from Jordan and Israel. Sources said talks are on with Russia and Belarus to import more MOP to meet any fall in shipment from the Middle East. Russia is the largest supplier of MOP to India.