Russia-India Trade Soars

05 Sep 2024 CW Team

Russia?s trade with India is flourishing, with bilateral payments progressing smoothly, according to Anatoly Popov, deputy CEO of Sberbank. The bank, which manages up to 70% of Russian exports to India, reported that trade nearly doubled to $65 billion in 2023. India has become a major importer of Russian oil following Western sanctions over the Ukraine conflict.

Popov highlighted a significant increase in Russian interest in the Indian market since 2022, noting that India serves as a key alternative market. Despite Western sanctions that restrict Sberbank?s access to U.S. dollars and euros, and its exclusion from the SWIFT system, transactions between Russia and India remain trouble-free. The bank's Indian branches in Delhi, Mumbai, and an IT center in Bangalore have seen a 150% increase in staff this year, reflecting the growing business.

Sberbank?s operations in India are not restricted, and transactions in rupees and roubles are processed efficiently, with 90% completed within hours. This is a sharp contrast to the delays experienced with other trading partners, such as China. Popov mentioned that the issue of a rupee surplus, which had impacted trade in 2023, has been resolved. However, he stressed the need for India to significantly increase its exports to Russia to balance trade further.

Popov praised India?s self-sufficiency and capacity to meet Russian import needs. Sberbank is also expanding its range of financial products, including rupee-denominated loans and hedging instruments. He expressed gratitude to Indian regulators for facilitating operations through rupee-denominated "vostro" accounts, which streamline transactions.

Overall, Popov emphasized that the current mechanism for converting roubles and rupees is functioning effectively and supports increased transparency in trade.

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..