At the India-Russia Business Forum held in Mumbai, External Affairs Minister S Jaishankar emphasized the need for long-term partnerships between India and Russia, moving away from purely transactional relationships. He highlighted that the bilateral trade currently stands at $66 billion, with a target of reaching $100 billion by 2030. This ambitious goal is seen as achievable, particularly through addressing the existing trade imbalance that favours Russia.

Jaishankar pointed out several key areas for collaboration, including energy, workforce development, and trade in national currencies. He noted India's significant demand for energy resources such as oil, gas, and coal, which could be met through enhanced cooperation with Russia. He also addressed global labour shortages and proposed initiatives to prepare Indian professionals for opportunities in the Russian job market.

The minister underscored the importance of mutual trade settlements in national currencies, particularly given the current geopolitical climate. He mentioned that special mechanisms like Rupee Vostro Accounts are being utilized to facilitate this process. Additionally, he highlighted ongoing connectivity projects such as the Chennai-Vladivostok Corridor and the Northern Maritime Route, which are crucial for enhancing trade relations between the two nations.

Jaishankar's remarks reflect a strategic vision aimed at deepening India-Russia ties through sustained economic collaboration and mutual benefits, rather than short-term gains.