India-Russia trade to exceed 50 bn USD this year: Denis Manturov
economic ties with India, while meeting the country’s top diplomat, currently on a five-day visit to Moscow and St. Petersburg.
Industry and Trade Minister Denis Manturov told External Affairs Minister S Jaishankar that despite the challenges faced by both countries, economic ties are developing rapidly.
“There is no doubt that Russian-Indian trade will exceed the significant milestone of $50 billion by the end of this year, and set a new historical maximum,” Manturov remarked.
The discussions took place at the ‘Russia’ expo, held at Moscow’s VDNKH complex, where 89 regions of Russia showcase their economic, scientific and investment potential. According to a Russian government statement, they addressed trade, investment, banking and logistics, along with energy and food security.
“Special attention was paid to advancing priority projects in industrial cooperation,” the note added.
New Delhi has ramped up imports of Russian commodities including oil and coal, and also strategic items including defense equipment. Diversification of trade, and the move towards transactions in national currencies, continue to hold prominence in bilateral discussions.
The sides are working on alternative transaction methods after the disruption caused by Russia's exclusion from the widely used international payment system, SWIFT.
