India-Russia Economic Partnership Strengthens: Key Insights from Dr. S. Jaishankar’s Address at the Mumbai Business Forum

In a landmark address at the India-Russia Business Forum held in Mumbai, Dr. S. Jaishankar, India’s External Affairs Minister, underscored the strategic importance of the India-Russia economic partnership, reinforcing the shared goals set at the recent Kazan summit between Prime Minister Narendra Modi and President Vladimir Putin. The forum provided a platform to discuss pathways to strengthen economic ties and pave the way for a new era of bilateral collaboration.
During his address, Dr. Jaishankar highlighted areas of mutual interest and identified actionable steps to deepen economic engagement. His remarks reflected the longstanding commitment of both nations to bolster trade and investment relations, even amid global economic challenges.
Key Points from Dr. Jaishankar’s Speech:
Balancing Trade: Emphasising the need to address trade imbalances, Dr. Jaishankar called for reducing non-tariff barriers to create a more equitable exchange of goods and services between India and Russia.
National Currency Cooperation: Recognising the potential for financial collaboration, Dr. Jaishankar outlined a framework for trade settlements in national currencies, notably through Special Rupee Vostro accounts, a critical step to promote stability and financial security.
Connectivity Initiatives: The minister also highlighted three major connectivity projects designed to enhance trade efficiency and reduce transit times:
The Northern Maritime Route as a key corridor.
The Chennai-Vladivostok Route to increase accessibility and reduce costs.
The International North-South Transport Corridor (INSTC) to streamline goods movement across Eurasia.
Addressing Trade Challenges
Acknowledging certain “natural concerns” in bilateral trade, Dr. Jaishankar underscored the need for collaboration to improve logistics, payment systems, and market access. By addressing these issues, India and Russia aim to create a smoother, more resilient trade environment that will foster sustainable growth.
Vision for 2030: Towards a Multipolar Future
As both countries move towards a multipolar world, the India-Russia relationship is set to play a pivotal role. With an ambitious $100 billion trade target by 2030, both nations have laid out strategic goals, including:
Achieving balanced trade through high-tech exchanges.
Deepening the partnership in sectors like the Russian Far East and space exploration.
Strengthening connectivity projects and Make in India initiatives.
Expanding collaboration beyond economic ties to encompass cultural and scientific domains.
Russia’s Commitment to Bilateral Growth
In his remarks, Russia’s First Deputy Prime Minister Denis Manturov expressed Russia’s strong commitment to expanding trade diversity and highlighted key technological sectors for development, including renewable energy, transportation, and nuclear medicine. Manturov praised the synergy between Russia’s technological initiatives and India’s Make in India programme, emphasising a shared vision of innovation-driven growth.
Manturov and Dr. Jaishankar also co-chaired the 25th session of the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation, where further agreements were made to enhance collaboration in energy, digital technology, and space research.
As a testament to the strength of this partnership, trade between India and Russia has grown fivefold in recent years, with nearly 90% of transactions now conducted in national or alternative currencies.
Building a Brighter Future Together
India and Russia’s enduring relationship, underpinned by shared strategic priorities and mutual respect, stands as a testament to successful bilateral cooperation. The outcomes of this forum underscore both nations’ commitment to a prosperous future, bolstered by innovation, cooperation, and a shared vision of a multipolar global order.