India Becomes Top Trade Partner as Russia-India Turnover Surges 700% in 5 Years: Deputy PM Manturov

Fast Summary

• Russia-India trade turnover has surged 700% in the past five years, making India one of the top three trading partners of Russia, according to Russian Deputy PM Denis Manturov after his meeting with External affairs Minister S. Jaishankar.
• S. Jaishankar is on a three-day visit to Moscow,during which he co-chaired the 26th Session of the IRIGC-TEC (India-Russia Inter-Governmental Commission for trade,Economic,Scientific,Technological and cultural Cooperation).
• Bilateral trade between India and Russia increased from USD 13 billion in 2021 to USD 68 billion by 2024-25-a five-fold growth over four years.
• A important trade imbalance exists; India’s imports from Russia grew ninefold compared to exports. Jaishankar referred to this imbalance as “urgent” and called for corrective measures.
• Discussions were held on a range of topics including agriculture, energy collaboration, education, cultural exchange programs, and geopolitical dynamics affecting both nations.
• During his visit, Jaishankar also laid a wreath at Moscow’s Tomb of the Unknown Soldier in honor of World War II victims.

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!Russia-India Trade Turnover Jumps

Indian Opinion Analysis

The exponential growth in bilateral trade between India and Russia reflects increasing cooperation amidst shifting global geopolitical landscapes. Registering a jump from USD 13 billion in 2021 to USD 68 billion within four years underscores India’s rising economic engagement globally as well as mutual interest between New Delhi and Moscow.

While expanding ties signify strength in shared sectors like energy and agriculture amidst global uncertainties stemming from Western sanctions on Russia due to its role in Ukraine’s conflict-the accompanying trade imbalance signals structural inefficiencies that need urgent resolution. With imports significantly outweighing exports by ninefold (USD $58.9B gap), addressing this issue will be critical for equitable partnership sustainability.

Jaishankar’s emphasis on further refining mechanisms like IRIGC demonstrates strategic intent toward deeper integration beyond customary areas into technology-driven avenues-a vital advancement amid complex geopolitical backdrops where strategic autonomy plays key roles Seeking tangible balancing long,-term signal.*More@Original link