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EAM S Jaishankar, in Moscow, urged Russian companies to engage more actively with Indian counterparts, citing India’s $4 trillion economy and ‘Make in India’ opportunities.
External Affairs Minister S Jaishankar (Photo: PTI)
External Affairs Minister S Jaishankar, at a meeting with Russia’s First Deputy Prime Minister Denis Manturov in Moscow, pushed to increase trade with Russia, encouraging Russian companies to engage “more intensively” with their Indian counterparts.
At the event, Jaishankar noted that India’s rapidly growing economy and initiatives like ‘Make in India’ have opened up new windows for foreign businesses, and said that these dimensions represent an invitation for Russian companies to engage more.
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“An India with a GDP of USD 4 trillion plus, growing at seven per cent for the foreseeable future, has an obvious need for large resources from dependable sources,” the External Affairs Minister said.
“In some cases, it could be assured supplies of essential products, fertiliser, chemicals, and machinery, being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country,” said Jaishankar.
“The ‘Make in India’ and other such initiatives have opened up new windows for foreign businesses. The modernisation and the urbanisation of India generate their own demands, flowing from shifts in consumption and lifestyle,” he said.
“Each of these dimensions represents an invitation for Russian companies to engage more intensively with their Indian counterparts. Our endeavour is to encourage them to rise to that challenge,” he added.
INDIA, RUSSIA HAVE NURTURED ONE OF STEADIEST RELATIONSHIPS
As he spoke, the External Affairs Minister also noted that both countries have nurtured one of the steadiest relationships between major nations.
“India and Russia have nurtured one of the steadiest relationships between major nations in current times is now widely recognised. However, that did not automatically translate into significant economic cooperation,” he said.
“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.”
“At the end of the day, they are essential not just to reach higher trade targets but even to sustain the existing levels,” he said.
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About the Author
Vani Mehrotra is the Deputy News Editor at News18.com. She has nearly 10 years of experience in both national and international news and has previously worked on multiple desks.
Vani Mehrotra is the Deputy News Editor at News18.com. She has nearly 10 years of experience in both national and international news and has previously worked on multiple desks.
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