Indo-Russian Relations
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India, Russia Discuss New Ventures with Significant Investments

EAM Jaishankar and Russian Deputy PM Denis Manturov discussed the deepening of economic cooperation at the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) meeting in Moscow on Wednesday.
Sputnik
Indian External Affairs Minister (EAM) S Jaishankar said that India and Russia were discussing new ventures with significant investments in several areas.
"Some initiatives of significant investment levels were also spoken about. Our skilling and mobility endeavours have started to take off. The desire to improve connectivity is also expressed through multiple options. Ensuring that trade settlements and other financial payments become smoother has also been recognized and more important, acted upon. There is a more active search for opportunities and partners in various fields," Jaishankar told the India-Russia Business Forum in Moscow with First Deputy Prime Minister Denis Manturov.
At the gathering of Indian and Russian companies, Jaishankar called for intensive engagement from Russian companies in the 'Make in India' programme.
"The ‘Make in India’ and other such initiatives have opened up new windows for foreign businesses. The modernization and the urbanization of India generate their own demands, flowing from shifts in consumption and lifestyle. Each of these dimensions represent an invitation for Russian companies to engage more intensively with their Indian counterparts," the Indian Foreign Minister said.
Jaishankar pointed out that both the countries have nurtured one of the steadiest global relationships, a fact that was globally recognised by now.
He said that that diversification and balancing of bilateral trade was essential to sustain the existing trade levels. Russia now ranks among India's top five biggest trading partners, with the turnover increasing by over 500% from $13 billion in 2021 to $68 billion in 2024-25. Russia enjoys a trade surplus of around $58 billion, mostly on account of growing crude supplies.
The top Indian diplomat stated that Indian and Russian economies have a significant potential to complement each other, given Russia's large resource and technological base.

"India with a GDP of $4 trillion plus growing at 7% for the foreseeable future has an obvious need for large resources from dependable sources. In some cases, it could be assured supplies of essential products, fertilizer, chemicals, machinery being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country," the Indian diplomat said.

He said that realising the $100 billion trade target by 2030 required effective government support from both countries as well initiatives from big businesses.
"We have today concluded the Terms of Reference for the India-Eurasian Economic Union FTA. That will surely make a difference when concluded. We spoke about motivating joint ventures in key areas where the demand is already established," Jaishankar highlighted.
The EAM stressed that global uncertainties of the last few years – COVID, conflicts, impact of new technologies and political and economic shifts – have driven home some key common lessons for both the countries.

These lessons include the need for dependable and stable partners, shorter and more secure supply chains, and concerns about over-dependence on a limited number of markets and overexposure to a few suppliers, he said.

Jaishankar also flagged challenges related to narrow connectivity and costs of insufficient researching for new business opportunities.

At the IRIGC-TEC Meeting with First Deputy PM Manturov, Jaishankar called for addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity through the International North-South Transport Corridor(INSTC), the Northern Sea Route (NSR) and the Chennai-Vladivostok Corridor. He also stressed the importance of ensuring smooth and timely implementation of payment mechanisms, as well as the finalization and execution of the Programme of Economic Cooperation until 2030, highlighting these as key areas on the bilateral economic agenda.
Jaishankar began his three-day visit to Moscow on 19 August. On Wednesday, he co-chaired the IRIGC-TEC meeting with Manturov before addressing the India-Russia Business Forum. The top Indian diplomat is scheduled to hold in-depth talks on bilateral and global issues with Foreign Minister Sergey Lavrov on Thursday before concluding his visit, which is meant to lay the groundwork for President Vladimir Putin's visit to India for the India-Russia Annual Summit in New Delhi later this year.
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