‘Need Dependable Partners’: Jaishankar Urges Russian Firms to Engage ‘Intensively’ With India
External Affairs Minister S. Jaishankar on Wednesday made a strong pitch for deeper economic ties with Russia, urging Russian companies to engage “more intensively” with India’s rapidly growing economy. Speaking at the India-Russia Business Forum in Moscow, Jaishankar highlighted the vast opportunities presented by initiatives like ‘Make in India’ and stressed the need for “dependable partners” as India continues its growth trajectory, a message that carries significant weight in the context of recent US trade actions against New Delhi.
The minister’s push for increased trade comes just as India faces the prospect of a total of 50% tariffs on its goods from the United States. In his address, Jaishankar laid out a compelling case for Russian investment. “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,” he stated. He pointed to India’s demand for essential products like fertilizers and chemicals, its rapidly expanding infrastructure, and the new consumption patterns driven by modernization as clear invitations for Russian businesses to step up their engagement.
While acknowledging that India and Russia have nurtured one of the “steadiest relationships” among major nations, Jaishankar candidly pointed out that this has not translated into significant economic cooperation. “Our trade basket remains limited, and till recently, so did our trade volume,” he said, noting that even as trade has grown, so has the trade deficit. He emphasized that diversifying and balancing this trade is now an urgent necessity, not just to reach higher targets but to sustain existing levels.
Looking ahead, Jaishankar announced a significant step forward, confirming that India and the Eurasian Economic Union have concluded the Terms of Reference for a Free Trade Agreement (FTA). “That will surely make a difference when concluded,” he said. Ultimately, he stressed that the onus is now on the business communities of both nations. “What we really need is for businesses to step forward confidently,” he urged, calling for close collaboration between government-level discussions and corporate planning to realize the full potential of the India-Russia economic partnership.
