Russia-India trade nearly doubled to $65 billion in 2023 amid western sanctions, says Sberbank

Russia's trade with India is growing rapidly, with bilateral trade reaching $65 billion in 2023. This growth is primarily driven by India's increased imports of Russian oil following Western sanctions against Russia due to the Ukraine conflict. Sberbank, Russia's largest bank, handles about 70% of Russian exports to India and has expanded its operations significantly in the country.

Despite being under Western sanctions, Sberbank faces no operational issues in India, as it is fully integrated into Indian payment and interbank systems. Most transactions between Russia and India are conducted smoothly in roubles and rupees, often completing within hours. Russia views India as a critical market and an alternative trade partner, especially since India has not imposed sanctions against Russia.

India's growing exports to Russia have addressed the issue of rupee surpluses held by Russian companies, although balanced trade would require India to increase its exports to Russia tenfold. Sberbank is also enhancing its financial offerings, including rupee-denominated loans for Russian companies and hedging instruments like forwards and options.

Overall, the partnership between Russia and India continues to strengthen, providing mutual benefits despite geopolitical challenges

Sources: https://www.livemint.com/economy/russiaindia-trade-nearly-doubled-to-65-billion-in-2023-amid-western-sanctions-says-russia-largest-bank-sberbank-report-11725323757842.html

Question: Which is the country india has highest bilateral trade with?

1. China
2. USA
3. Russia
4. UAE

Adani Green forms new $444-million JV with TotalEnergies

Adani Green Energy Ltd. has approved agreements with TotalEnergies to form a joint venture (JV) with an investment of $444 million. This JV will manage 1,150 megawatts of solar assets, including both operational and under-construction projects. Adani Green and TotalEnergies will each own a 50% stake in the venture.

The JV is part of Adani Green's broader strategy, which includes a target investment of over $100 billion in renewable energy over the next decade. The company aims to add 35 gigawatts of solar capacity and 9 gigawatts of wind capacity annually to meet India's goal of 500 gigawatts of non-fossil fuel power capacity by 2030. Adani Green's net profit increased by 95% in the first quarter of the current fiscal year

Source: https://www.financialexpress.com/business/industry-adani-green-forms-new-444-million-jv-with-totalenergies-3599486/

Question: Which is the largest source of energy in India?

1. Thermal Energy
2. Hydro Energy
3. Solar Energy
4. Nuclear Energy