Key facts
- India's ambassador to Moscow stated there is a 'special opportunity' for business between India and Russia.
- The ambassador suggested joint ventures in Russia for sectors like mineral resources, critical materials, and fertilizers.
- This initiative aims to create a captive export market for India.
- The goal is to de-risk supply chains and make them more resilient.
- The countries aim to reach $100 billion in bilateral trade by 2030.
India's ambassador to Moscow, Vinay Kumar, has indicated a significant "special opportunity" for businesses to collaborate between India and Russia, particularly through joint ventures within Russia. Speaking at the St. Petersburg International Economic Forum, Kumar invoked Prime Minister Narendra Modi's 'Make-in-India' initiative, suggesting a "making in Russia for India" model. He identified key sectors for such collaborations, including mineral resources, critical materials, and fertilizers, which would provide India with a "captive export market." This strategy is intended to de-risk supply chains and enhance their resilience. The ambassador also noted the progress towards the $100 billion bilateral trade target set by Presidents Putin and Modi, highlighting the increase in Indian workers in Russia to 100,000. Kumar emphasized the need to implement existing frameworks for boosting trade and developing new manufacturing sites and supply chains to meet demand in India and third countries. He also pointed to India's advanced digital payment system, UPI, which processes over 18 billion monthly transactions. The economic cooperation program between the two nations spans energy, transport, technology, science, and people-to-people ties, with energy cooperation being a long-standing cornerstone of their relationship.