https://sputniknews.in/20230908/growing-india-russia-trade-to-touch-200-billion-mark-by-2030-analysts-4121605.html
Growing India-Russia Trade to Touch $200 Billion Mark by 2030: Analysts
Growing India-Russia Trade to Touch $200 Billion Mark by 2030: Analysts
Sputnik India
India and Russia's expanding ties in the arena of trade are due to touch a landmark figure of $200 billion by 2030, a study has found
2023-09-08T16:26+0530
2023-09-08T16:26+0530
2023-09-08T16:26+0530
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India and Russia's expanding ties in the arena of trade are due to touch a landmark figure of $200 billion by 2030, a joint study conducted by private consultancy firm Yakov and Partners and the state-run financial organization Business Russia has found.The news comes just days before the Eastern Economic Forum which will be held in Vladivostok on September 10-13.The authors believe that expanding economic cooperation between the South Asian and Eurasian countries will bring additional trade worth $90 billion annually by the end of this decade.Besides, the experts predicted that India could emerge as a major market for Russian coal.The Russian foreign policy's new concept note released earlier this year made India one of the "priority" partners as far as trade is concerned.At present, India is the fifth largest economy in the world. It is also the fastest-growing major economy at present, having grown at the rate of 7.1 percent last fiscal year.Furthermore, GDP is projected to witness a seven-fold growth in the next quarter of a century to surpass the $25 trillion mark.
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Growing India-Russia Trade to Touch $200 Billion Mark by 2030: Analysts
In the wake of unilateral economic sanctions imposed on Russia following its special military operation in Ukraine, India has emerged as one of the largest trading partners for the country.
India and Russia's expanding ties in the arena of trade are due to touch a landmark figure of $200 billion by 2030, a joint study conducted by private consultancy firm Yakov and Partners and the state-run financial organization Business Russia has found.
"According to our estimates, by 2030, the potential effect of expanding Russian-Indian cooperation could reach $200 billion in terms of additional annual revenue," the economists stated in the report.
The news comes just days before the Eastern Economic Forum which will be held in Vladivostok on September 10-13.
The authors believe that expanding economic cooperation between the South Asian and Eurasian countries will bring additional trade worth $90 billion annually by the end of this decade.
Besides crude and military equipment that are primary commodities in the India-Russia economic partnership, fertilizers, food (grains) and medicines will be the major components in this burgeoning trade relationship.
Besides, the experts predicted that India could emerge as a major market for
Russian coal.
"At the same time, in 2022, the volume of Russian-Indian trade more than tripled, reaching a record value of $39 billion. As a result, Russia for the first time, entered the top five of India's largest trading partners. There are 30 companies from Russia and 12 joint ventures in such countries operating in the country's industries such as space, energy, nuclear, technology, science and medicine," the analysts noted.
The Russian foreign policy's new concept note released earlier this year made India one of the "priority" partners as far as trade is concerned.
At present, India is the fifth largest economy in the world. It is also the fastest-growing major economy at present, having grown at the rate of 7.1 percent last fiscal year.
Furthermore, GDP is projected to witness a seven-fold growth in the next quarter of a century to surpass the $25 trillion mark.
