External Affairs Minister S Jaishankar on Wednesday urged Russian companies to engage more actively with Indian partners, while highlighting India’s fast-growing economy and government initiatives like ‘Make in India‘ that have created new opportunities for foreign businesses.
“The modernisation and the urbanisation of India generate their own demands, flowing from shifts in consumption and lifestyle. Each of these dimensions represent an invitation for Russian companies to engage more intensively with their Indian counterparts. Our endeavour is to encourage them to rise to that challenge,” Jaishankar said. The statement comes amid the backdrop of the increasing pressure of steep US tariffs that are going to come into effect for India from August 28.
The EAM is currently in Moscow for a three-day visit. He met the Russian Deputy PM Manturov on Wednesday and also co-chaired the India-Russia Inter-Governmental Commission session in Moscow.
‘India growing at 7% for foreseeable future, has an obvious need for large resources from dependable sources’: Jaishankar
The EAM explained that India’s $4 trillion economy is growing at around 7% and thus requires steady supplies of essential products such as fertilisers, chemicals, and machinery. He added that the country’s rapidly expanding infrastructure and urbanisation are opening doors for global enterprises.
According to Jaishankar, each of these areas is an open invitation for Russian companies to work more closely with Indian counterparts. The goal, he stressed, is to encourage Russian businesses to rise to this challenge and tap into India’s growth story.
‘Diversifying and balancing India-Russia trade now needs strenuous efforts’
Jaishankar reminded that India and Russia share one of the steadiest relationships between major powers, but this has not fully translated into strong economic cooperation. “Our trade basket remains limited and till recently, so did our trade volume. It may have grown in recent years, but then, so too has the trade deficit. Both the diversification and balancing of trade now urgently mandate more strenuous efforts on our part,” Jaishankar said.
He said that without more efforts, it will not be possible to meet higher trade targets or even maintain current levels.
‘India, Russia seek to create conditions for economic activities to take place’
Jaishankar underlined that India and Russia can do much more for each other in promoting growth and development. He said both governments need to provide the right guidance and create conditions for deeper economic activities.
This, he added, should not stop at trade alone. “Clearly much centres around trade but there is growing willingness to contemplate more investments, joint ventures and other forms of collaboration. First DPM Manturov and I are here amongst you to encourage those processes. We want to send a clear message that an enduring strategic partnership must have a strong and sustainable economic component.” he said.