Union Finance Minister Nirmala Sitharaman met Russian Ambassador to India Denis Alipov on Friday and discussed ways to strengthen trade and economic cooperation between the two countries.
The meeting came as India and Russia continued efforts to deepen their economic partnership, with both governments focusing on expanding bilateral trade, improving investment opportunities and strengthening financial cooperation.
The discussions took place against the backdrop of sustained diplomatic engagement between New Delhi and Moscow, including recent high-level meetings aimed at identifying new areas of economic collaboration.
๐๐ผ๐ฐ๐๐ ๐ผ๐ป ๐ฏ๐ถ๐น๐ฎ๐๐ฒ๐ฟ๐ฎ๐น ๐ฒ๐ฐ๐ผ๐ป๐ผ๐บ๐ถ๐ฐ ๐๐ถ๐ฒ๐
India and Russia have been working to diversify their commercial relationship beyond traditional sectors, particularly energy and defence, by encouraging greater cooperation in pharmaceuticals, engineering goods, chemicals, textiles, agriculture and manufacturing.
The two countries have set a target of increasing bilateral trade to $100 billion and two-way investments to $50 billion by 2030. The targets reflect their efforts to broaden economic engagement and create opportunities for businesses in both markets.
India has also emphasised the need to increase exports to Russia to address the imbalance in bilateral trade, which has expanded considerably in recent years, largely because of energy imports.
๐๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐ฎ๐ป๐ฑ ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐ ๐บ๐ฒ๐ฐ๐ต๐ฎ๐ป๐ถ๐๐บ๐
Financial cooperation has emerged as an important component of India-Russia economic relations, particularly as businesses seek more efficient mechanisms for settling cross-border transactions.
During a meeting in September, Sitharaman and Russian First Deputy Prime Minister Denis Manturov agreed to advance negotiations on a bilateral investment treaty intended to provide a mutually beneficial framework for increasing investment flows.
The two sides also discussed opportunities to strengthen cooperation in financial services, reflecting the importance of banking and payment arrangements in supporting expanding commercial relations.
Both countries have been exploring ways to improve settlement mechanisms using national and local currencies, while addressing difficulties arising from international financial restrictions and transaction costs.
๐ฃ๐๐๐ต ๐๐ผ ๐ฒ๐ ๐ฝ๐ฎ๐ป๐ฑ ๐๐ฟ๐ฎ๐ฑ๐ฒ ๐ฏ๐ฒ๐๐ผ๐ป๐ฑ ๐ฒ๐ป๐ฒ๐ฟ๐ด๐
India has identified pharmaceuticals, automobile components, engineering products, textiles and food products as sectors with considerable potential for exports to Russia.
Commerce and Industry Minister Piyush Goyal had earlier stressed that bilateral trade needed to become more balanced, with greater participation by Indian exporters and manufacturers.
The two countries have also been pursuing improved transport connectivity through initiatives such as the International North-South Transport Corridor and the Chennai-Vladivostok maritime route.
The latest meeting between Sitharaman and Alipov forms part of continuing diplomatic and economic engagement as India and Russia seek to translate their trade and investment targets into stronger commercial ties.