Russia-India trade hits about $55 bln in 10months!

Recently, Russian Ambassador to India, Denis Alipov, revealed that the trade turnover between Russia and India soared to nearly $55 billion in the first ten months of 2023. Alipov highlighted India’s statistics, pinpointing the precise figure at $54.7 billion, as shared during the XIV Indian-Russian Business Dialogue’s plenary session.

In parallel, reports surfaced from Yakutia regarding Russia’s diamond giant, Alrosa. Despite external challenges, Alrosa achieved a 100% fulfillment of its diamond production plan for 2023, extracting 34.6 million carats-slightly lower than the previous year’s 35.6 million carats, as confirmed by Alrosa CEO Pavel Marinychev.

Aisen Nikolaev, head of Yakutia, commended Alrosa‘s performance, highlighting its pivotal role in the republic’s economy. The company met all production targets for 2023, contributing substantially to the region’s revenues. Nikolaev emphasized Alrosa‘s dividends to shareholders after a two-year hiatus, predicting a considerable boost in the company’s contributions to the republic’s budget compared to previous estimates.

Alrosa, operating in Yakutia and the Arkhangelsk Region, engages in exploration, production, and sale of rough diamonds, alongside diamond and jewelry manufacturing. The company’s ownership structure involves the Russian Federation holding 33.03% of shares, Yakutia at 25%, and 8% belonging to regions where Alrosa operates, with about 34% in free circulation.

Ambassador Alipov emphasized Russia’s significant role as one of India’s primary trade partners, citing leadership in supplying hydrocarbon raw materials and contributing over a third of India’s imports in mineral fertilizers, agribusiness products, and diamonds. Alipov previously noted that the trade turnover between the two countries hit a record $48.8 billion in the January to September 2023 period, a notable surge from the $39 billion recorded in 2022.

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