Indian Economy News

India & Russia vow to scale up bilateral trade to US$ 100 billion by 2030

The Prime Ministers of Russia and India have agreed to continue developing their relationship by deepening economic and strategic cooperation. The Prime Minister of India, Mr. Narendra Modi, also indicated that both countries are confident that the bilateral target of achieving Rs. 9,000 billion (US$ 100 billion) in trade will be exceeded well before the scheduled end of the period (2030). In his address at the India-Russia Business Forum in New Delhi, Modi highlighted the considerable momentum for improved bilateral trade, including sustained dialogue between the two countries, increased opportunities for each other, and robust complementarity between India's and Russia's economies. The Prime Minister also mentioned that the two Countries were presently working towards creating a simplified and predictable mechanism to foster business's trade efficient structures and processes, and that they were now starting discussions about establishing a Free Trade Agreement between the two countries, which will create the opportunity for even greater economic engagement between the two Countries.
The Prime Minister noted that India and Russia are now entering a new phase of cooperation in innovation through co-production and co-creation, with potential for collaboration in areas such as Electric Vehicle (EV) manufacturing, vehicle components, and wireless mobility technologies. He stated that while India has developed a skilled workforce and increasing capabilities, this puts India in a unique position to meet global demand. In addition, both countries have made significant changes to the process for obtaining a tourist visa for their citizens, which is expected to significantly enhance mobility, create new tourism and business opportunities, and provide both nations with fresh job opportunities.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.