First Deputy Prime Minister Denis Manturov,
Colleagues, Dear Friends,
2. It is a great pleasure to join you all at the Forum this evening. I thank the organizers for their excellent arrangements and meticulous preparations. It has been interesting listening to various policy perspectives and sectoral viewpoints from all of you. I thank all presenters and take the opportunity to share my own thoughts on India-Russia economic cooperation.
3. We are today at a moment when our partnership is simultaneously experiencing consolidation as well as exploring new domains and opportunities. At one level, there is a solid foundation of a time-tested relationship on which we now seek to build a more contemporary cooperation. But at another, there are profound changes in our respective economies, as well as the uncertainities created by the global environment. How to grow business and how to deepen cooperation are no longer simple propositions.
4. Let me start with the big picture. In the last few years, we have experienced the impact of the Covid pandemic, of conflicts, of political and economic shifts, of new technologies, and also of trade volatility. Each was unique in itself, but together, they hold some common lessons. One is the importance of dependable and steady partners. Another is the value of shorter and more secure supply chains. A third is the concern about over-dependence on a limited number of markets. A fourth are the vulnerabilities of being over-exposed to a few suppliers. A fifth is the reliance on narrow connectivity and limited logistics. And perhaps most of all, the costs of insufficient researching for new opportunities, partnerships and domains. It is this range of concerns and challenges that our gathering seeks to address.
5. Friends, that India and Russia have nurtured one of the steadiest relationships between major nations in current times is now widely recognized. However, that did not automatically translate into significant economic cooperation. Our trade basket remains limited and till recently, so did our trade volume. It may have grown in recent years, but then, so too has the trade deficit. Both the diversification and balancing of trade now urgently mandate more strenuous efforts on our part. At the end of the day, they are essential not just to reach higher trade targets but even to sustain the existing levels.
6. The answer here lies essentially in the complementary nature of our respective economies. An India with a GDP of USD 4 trillion plus growing at 7% for the foreseeable future has an obvious need for large resources from dependable sources. In some cases, it could be assured supplies of essential products, fertilizer, chemicals, machinery being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established a track record in their own country. The ‘Make in India’ and other such initiatives have opened up new windows for foreign businesses. The modernization and the urbanization of India generate their own demands, flowing from shifts in consumption and lifestyle. Each of these dimensions represent an invitation for Russian companies to engage more intensively with their Indian counterparts. Our endeavour is to encourage them to rise to that challenge.
7. Let us now look at the mirror image. India is increasingly a quality producer of goods on a large scale. This can ensure an affordability and accessibility, visible in fields like healthcare. The competitiveness of Indian economy is today on display in so many other domains as well. It extends from engineering and construction materials to electronics, auto components and fashion products. When it comes to food and agriculture, we both have our particular strengths. Another area that has considerable potential is the mobility of skilled manpower. Today, we must think in terms of a global workplace and the optimization of talent.
8. As it is reasonably evident, there is much that India and Russia can do for each other in promoting growth and accelerating development. What we seek to do as Governments is to provide the guidance and create conditions for economic activities to take place. Clearly much centres around trade but there is growing willingness to contemplate more investments, joint ventures and other forms of collaboration. First DPM Manturov and I are here amongst you to encourage those processes. We want to send a clear message that an enduring strategic partnership must have a strong and sustainable economic component.
9. Realizing that means moving on multiple fronts. We have today concluded the Terms of Reference for the India-Eurasian Economic Union FTA. That will surely make a difference when concluded. We spoke about motivating joint ventures in key areas where the demand is already established. Some initiatives of significant investment levels were also spoken about. Our skilling and mobility endeavours have started to take off. The desire to improve connectivity is also expressed through multiple options. Ensuring that trade settlements and other financial payments become smoother has also been recognized and more important, acted upon. There is a more active search for opportunities and partners in various fields.
10. But in the final analysis what we really need is for businesses to step forward confidently. Not just that, also ensure that there is a close collaboration between what Governments are discussing and businesses are planning. In fact, ensuring this synergy was one of our agenda points at the IRIGC official meeting earlier this evening.
11. So friends, I know that all of you share these aspirations and sentiments. Your suggestions and experience hold great value as we seek to upgrade our economic cooperation. Let me conclude by expressing the hope that our efforts would translate into practical activities and projects so that the true potential of this longstanding relationship is fully realized and that it is on this plane that the Annual Summit takes place between our leaders at the end of this year.
Thank you again, Good evening, Dobry vecher.
New Delhi
August 20, 2025