India-Russia Bilateral Trade: With Russia emerging as one of India’s top trading partners in 2023-24, bilateral trade could touch up to $50 billion i.e. Rs 4 lakh crore, which would be at a historic level.
Russia is making all efforts to increase its trade with India. This effort has been going on since last year when America and Europe imposed sanctions and agreed to give cheap oil to India. This had the effect that the trade between India and Russia has reached $40 billion in the last financial year, although this trade is about 70 percent less than the Indo-US trade.
To bridge this gap, Russia’s largest delegation is coming to India. In which apart from the Deputy PM, many ministers and CEOs of companies will also be involved. Russia wants this relationship between the two countries to reach beyond $ 50 billion i.e. 4 lakh crore in the current financial year. If this happens, then this business between the two countries will reach a historic level.
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Russia’s Deputy Prime Minister Denis Manturov will lead the largest business-industry delegation in recent years to India on Monday-Tuesday, which will include 25 deputy ministers and CEOs of private companies, amid new momentum to business-industry partnership. Officials said Manturov will hold a series of meetings with External Affairs Minister S Jaishankar, National Security Advisor (NSA) Ajit Doval and Commerce Minister Piyush Goyal, which includes a bulk of Indian investments in the resource-rich country.
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He said that he can also meet Finance Minister Nirmala Sitharaman during his stay and form an inter-governmental commission related to trade with Jaishankar. Jaishankar and Manturov held a brainstorming session in Moscow last November, which was followed by a video meeting this March.
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Trade can reach 50 billion dollars
In the financial year 2022-23, bilateral trade between the two countries reached about $ 40 billion, which is an all-time high. Earlier, the India-Russia economic partnership was not matching the earlier political relations. According to some estimates, with Russia emerging as one of India’s top trading partners, bilateral trade could touch $50 billion i.e. Rs 4 lakh crore in 2023-24, which will be at a historic level.
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What are Russia’s expectations from India
According to experts, the focus of both sides is to encourage the small medium industry to explore each other’s markets. Trade and business relations got a major boost with two mega meetings in Delhi in late March and early April and the opening of an India office by the Russian Chamber of Commerce and Industry. People familiar with India-Russia relations said that while there has been an increase in Indian exports, more demand is being seen in many sectors. Russia wants big Indian investment in Far East. Manturov’s meeting is also expected to focus on payments in national currencies for bilateral trade. Many Russian regions are seeking to have business partnerships with Indian states.
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