First Deputy Prime Minister of Russia Denis Manturov met with Prime Minister of India Narendra Modi. In addition to this, First Deputy Prime Minister and External Affairs Minister of India Subrahmanyam Jaishankar met with representatives of Russian and Indian businesses as part of a forum held ahead of the 25th meeting of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation.
Denis Manturov meets with Indian Prime Minister Narendra Modi
Denis Manturov meets with Indian Prime Minister Narendra Modi
Denis Manturov meets with Indian Prime Minister Narendra Modi
The meeting’s discussion covered specific steps to implement the agreements reached during the talks between the two countries’ leaders, which took place on the sidelines of the BRICS summit in Kazan in October.
A focus was placed on further promotion of trade, economic and investment cooperation, as well as cooperation in energy and industry. Business relations between Russia and India continue to strengthen despite foreign economic pressure, and the two countries are demonstrating their readiness for further cooperation. In his welcoming remarks at the forum, the First Deputy Prime Minister emphasised that businesses are to pursue the major applied task of developing trade relations, production and technological cooperation.
“The record high volumes of trade we reached last year are an objective indicator of this. There are all signs that we will set a new record this year. Meanwhile, in addition to the quantitative growth of mutual trade, it is important for us to diversify its structure, not just to balance commodity flows, but also to increase the share of non-raw materials and high-tech products. The conditions for this are formed by two national programmes similar in spirit. I mean the course towards technological sovereignty taken by the Government of Russia, and the Make in India programme. Both of these initiatives are aimed at accelerating the pace of production, developing innovations and removing infrastructure restrictions,” Denis Manturov noted.
The First Deputy Prime Minister asserted that this approach ensures more rapid GDP growth for both countries, with the manufacturing industry being a principal contributor. In the first eight months of this year, Russia's production output increased by nearly 8 percent. Investment in fixed capital is also demonstrating strong momentum, with a 25 percent growth observed in the manufacturing sector during the first half of the year.
Denis Manturov highlighted the priority technological areas for Russia's development. Foremost is the development of the transport industry, which includes the introduction of autonomous technologies and the conversion of vehicles to alternative fuels. Particular attention is directed towards initiatives in the energy sector, such as the enhancement of nuclear potential, the production of high-capacity turbines, and the development of equipment for solar and wind generation, alongside improvements in LNG technologies.
Another focus is equipping the healthcare system with advanced medicines and medical products, while also bolstering Russia's leadership in nuclear medicine, vaccine production, and the development of cell engineering. Further priorities include enhancing agricultural efficiency through genetic and biotechnologies, precision agriculture systems, and irrigation and reclamation technologies. Additionally, Russia aims to advance capabilities in high-tech production methods and transition technologies for a closed-loop economy, as well as in the realm of space services.
”The identified areas will receive significant impetus through the implementation of specialised national projects, commencing in January 2025. These projects are planned for a six-year cycle and will receive financial and regulatory support from the state. I wish to stress that, in pursuing technological sovereignty, we welcome the participation of Indian companies in these endeavours. We have established mechanisms for such interstate cooperation,“ emphasised Denis Manturov.
Meanwhile, the implementation of infrastructure projects such as the North-South transport corridor, the Vladivostok-Chennai maritime route, and the Northern Sea Route will substantially reduce the time and cost of freight transport, becoming crucial elements in the further enhancement of trade and economic relations between Russia and India.
Concluding his address, the First Deputy Prime Minister extended an invitation to the Indian delegation to participate in Innoprom, the preeminent industrial exhibition in 2025, as well as in the International Conference on the Digitalisation of Industrial Russia, the St Petersburg International Economic Forum, and the 10th Anniversary Eastern Economic Forum.
Addressing the business forum participants, the Indian Foreign Minister underscored the complementary nature of the Russian and Indian economies, particularly their focus on establishing long-term partnerships in energy and fertilisers. Win-win agreements between the two nations will facilitate overcoming the challenges posed by current instability and uncertainty.
”The world is increasingly moving towards multipolarity, and developing suitable methods of cooperation is essential to stay abreast of the times. Furthermore, since 2022, Russia has been concentrating on Asia, opening up numerous opportunities for cooperation. The complementarity between the Russian and Indian economies is also a crucial factor. The partnership between India, which is poised to grow at 8 percent for decades to come, and Russia, a key supplier of natural resources and a major technological leader, will benefit both countries and the world,“ stated Subramanyam Jaishankar.
During the forum, several bilateral business documents were signed.
