Russia’s First Deputy Prime Minister, Denis Manturov, is set to visit India from November 11-12, 2024, to bolster trade and economic cooperation between the two nations. The visit highlights ongoing efforts to deepen bilateral relations amidst changing global dynamics.
Key Events During the Visit
Russian-Indian Business Forum: Manturov’s first stop will be in Mumbai on November 11, where he will attend the Russian-Indian Business Forum. This forum, organized by the Business Council for Cooperation with India and the Federation of Indian Chambers of Commerce and Industry (FICCI), will focus on strengthening cooperation between Russian and Indian businesses. Topics will include industrial collaboration, transport and logistics, finance, digital technologies, and interregional ties.
Intergovernmental Commission Meeting: On November 12, Manturov will co-chair the 25th Session of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation in New Delhi. Alongside India’s External Affairs Minister S. Jaishankar, Manturov will review existing initiatives and explore new areas for collaboration.
Key Objectives of the Visit
Discussions are expected to focus on:
- Improving payment mechanisms between Russia and India.
- Expanding trade settlements in national currencies.
- Exploring joint ventures, such as building Vande Bharat trains with Russia’s Transmashholding (TMH).
- Enhancing connectivity initiatives.
India and Russia have set an ambitious target of reaching $100 billion in bilateral trade by 2030, having already achieved $30 billion ahead of the initial 2025 target. However, concerns remain over the trade imbalance, with India’s exports considerably lower than imports in the last fiscal year.
Manturov’s visit reaffirms the commitment of both nations to enhancing their economic partnership, setting the stage for deeper ties and mutual growth.
