India's Evolving Trade Landscape: Rising Oil Imports from Russia

A McKinsey Global Institute report reveals a shift in India's oil import dynamics, with Russia's share rising from 1% to 30% by 2024. Meanwhile, India's imports from China increased as its exports to China fell. The report highlights the changing global trade networks and their strategic importance for India.

The Congress has underscored a significant shift in India's oil import patterns, as depicted in a report by the McKinsey Global Institute. According to the report, Russia's share in India's oil imports has surged from a mere 1% in 2017 to a substantial 30% by 2024. Simultaneously, India's trade dynamics with China are evolving, with rising imports and falling exports, explained Jairam Ramesh, Congress general secretary in-charge of communications.

The report titled 'Geopolitics and the Geometry of Global Trade: 2025 Update' suggests the paramount importance of world trade networks and value chains. It indicates a growing dependency of Indian exports to the USA and Europe on Chinese trade channels.

Adding to the evolving trade landscape, ASEAN countries appear to benefit from the USA's gradual trade shift away from China, noted the report. The document emphasizes the strategic complexities of the global trade network and suggests that navigating these shifts carefully may yield significant opportunities despite the inherent risks.