Strong economic partners: Jaishankar urges Russian firms to engage 'intensively' with India amid Trump tariffs
In his remarks at the India-Russia Business Forum in Moscow, EAM Dr S Jaishankar said the relationship between India and Russia has been nurtured as one of the 'steadiest relationships' in current times.
Amid the United States (US) imposing 50 per cent tariffs on India, External Affairs Minister Dr S Jaishankar has invited Russian companies to engage 'more intensively' with their Indian counterparts, as he noted that India is rapidly growing and initiatives like 'Make in India' have opened up new opportunities.
He made the remarks while addressing the India-Russia Business Forum in Moscow, Russia.
"The 'Make in India' and other such initiatives have opened up new windows for foreign businesses. The modernisation and the urbanisation of India generate their own demands, flowing from shifts in consumption and lifestyle," he said.
"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," he added.
In his remarks, Jaishankar said the relationship between India and Russia has been nurtured as one of the 'steadiest relationships' in current times. However, he pushed for more balanced trade between the two nations.
"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," he noted.
Expressing India's willingness to contemplate more investments, joint ventures, Jaishankar said India and Russia can do much 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," he said. "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."