'India Is Now Russia's Second-Largest Economic Partner,' Says Denis Manturov At Trade Session
EAM Jaishankar with Deputy PM Denis Manturov, ambassador to India Denis Alipov is also seen
Denis Manturov, Russia's Deputy Prime Minister, recently highlighted that India has become Russia's second-largest economic partner during a trade session in New Delhi. This assertion came as part of discussions aimed at enhancing bilateral cooperation across various sectors, including trade, energy, and technology.
Manturov noted that the trade turnover between India and Russia has significantly increased, with a fivefold growth over the past five years. Currently valued at approximately $66 billion, both nations aim to achieve an annual trade volume of $100 billion well ahead of the 2030 target.
The Deputy Prime Minister emphasized the importance of diversifying the structure of trade, moving beyond traditional commodities to include more high-tech products. This diversification is seen as essential for balancing trade flows and enhancing economic ties.
During his meeting with Indian Prime Minister Narendra Modi, Manturov discussed ongoing efforts to implement decisions made during previous high-level meetings with President Vladimir Putin. Both leaders expressed optimism about the future of their strategic partnership, which is characterized by mutual trust and collaboration in various sectors.
The discussions also touched on critical areas such as food security, energy cooperation, and advancements in technology. Manturov's remarks indicate a strong commitment from Russia to engage more deeply with India, particularly in sectors like agriculture and high-tech manufacturing.
Key Drivers of Economic Growth
Key sectors driving the growth in India-Russia trade encompass a diverse range of industries, reflecting both countries' strategic interests and economic capabilities. Here are the primary sectors contributing to this burgeoning economic partnership:
Crude Oil And Natural Gas: Russia is a major supplier of crude oil and natural gas to India, significantly influencing the energy landscape of both nations. This sector remains a cornerstone of their trade relationship. Russia also exports fertilisers to India, which is crucial for India's agricultural sector.
Pharmaceuticals And Chemicals: India has emerged as a reliable source of affordable medicines for Russia, with significant exports in pharmaceuticals and organic chemicals. Indian companies are supplying various chemicals, including fertilizers and industrial chemicals needed by Russian industries.
Manufacturing And Industrial Equipment: India exports railway components and tram parts to Russia, reflecting collaboration in transportation infrastructure. Electrical Machinery includes a variety of electrical and electronic equipment, which is vital for industrial applications in Russia.
India is a key supplier of fruits like grapes, bananas, and various vegetables to Russia. The demand for Indian agricultural products has surged recently. There are growing opportunities for Indian processed food products within the Russian market.
India exports textiles, clothing, and home appliances to Russia, competing primarily with Chinese manufacturers in this sector. Cosmetics and household goods also represent significant export potential for Indian manufacturers in the Russian market.
The digital transformation in India has attracted Russian interest in sectors like EdTech, logistics, and cybersecurity. Collaboration in these areas is expected to grow as both countries seek to leverage technology for economic development.
Projects involving smart grids, energy efficiency improvements, and railway upgrades are pivotal areas where Indian and Russian firms collaborate, particularly under initiatives like "Make in India" which encourages local manufacturing.
Although primarily a military sector, defence cooperation involves significant trade in technology and equipment between the two nations, which also contributes to overall economic ties.
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