India Sees New Path for Expanding Economic Cooperation With Russia
Referring to the industrial strategy promoted under Prime Minister Narendra Modi’s Make in India campaign, Ambassador Vinay Kumar suggested that a similar framework could help deepen bilateral economic cooperation. He proposed that businesses from both countries explore opportunities to manufacture products in Russia for the Indian market.
“There is a new and very special opportunity between our two countries, that is, making in Russia for India,” Kumar said.
According to the envoy, industries such as mineral extraction, critical raw materials, and fertilizer production offer strong potential for collaboration. He noted that companies from India and Russia could establish joint ventures within Russia to serve growing market needs.
Such initiatives, he said, would create “a captive export market for India.”
Kumar emphasized that both nations should make greater use of their available resources, workforce capabilities, and labor mobility as they pursue the bilateral trade objective of $100 billion established by Russian President Vladimir Putin and Prime Minister Modi during their meeting in New Delhi last December.
He also noted a sharp increase in the Indian workforce in Russia, stating that the number of Indian employees working in the country has reached approximately 100,000 in recent years.
According to Kumar, an existing framework designed to enhance trade relations is already in place and should now be fully implemented “with a view to de-risking the supply chain and making it more resilient.”
He stressed the importance of developing new production facilities and logistics networks to strengthen economic cooperation and support expanding demand in both domestic and international markets.
The ambassador further pointed to India’s rapid digital transformation, highlighting the success of the Unified Payments Interface (UPI), which handles more than 18 billion transactions every month and has become one of the world’s largest real-time payment platforms.
Describing the broader vision for bilateral cooperation, Kumar said the economic partnership launched by the leaders of the two countries represents “a shared commitment, a roadmap that spans energy, transport, technology, science, and people-to-people ties.”
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