The strategic partnership between Russia and India today is characterized by its versatility and dynamic development in various spheres, which creates a solid foundation for further expansion and deepening of cooperation in the interests of both countries. Areas of mutual interest cover a wide range of areas, including economics, trade, technology and cultural exchange.
The economic partnership between Russia and India has great potential, trade turnover between the countries may reach $100 billion by 2030. This opinion was expressed by the First Deputy Chairman of the Board of Directors of Sberbank Alexander Vedyakhin at the Eastern Economic Forum, the bank's press service reported.
„In 2020, a trend towards India began, and we are actively promoting Indian program. “Sberbank“ has been operating in India for 15 years, where the bank has a branch. The company is present in Delhi and Mumbai, and an IT hub has also been launched in Bangalore. “Our goal is to reach $100 billion in trade turnover between the two countries by 2030“, said Vedyakhin during the business lunch “Russia - India: Economy of the Future“.
Currently, the potential of the Russian-Indian economic partnership is only partially realized, since 90% of the trade turnover, which currently amounts to $63 billion, is energy.
“Diversification is needed. The further development of economic relations between the two countries is limited by customs duties, poor logistics, irregular B2B interactions and difficulties in obtaining visas“, the statement explained.
In addition, it is necessary to develop the export of Indian labor resources, as well as cooperation not only at the interstate level, but also at the level of specific representatives of small, medium and large businesses, the press service added.
„We received important insights at our business lunch. „It was an open conversation, we spoke honestly about the problems. We will work on all the issues raised and will make every effort to achieve the goal of 100 billion USD trade turnover, not only thanks to oil“, said Vedyakhin, whose words were quoted by the press service.