New Delhi: In a move highlighting the enduring strategic partnership between the two nations, Russian Deputy Prime Minister Denis Manturov has arrived in New Delhi for a high-level official visit.
The visit is centered around the 25th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), a key platform for steering the bilateral economic agenda.
Manturov, who also holds the portfolio of Minister of Industry and Trade, is scheduled to co-chair the plenary session alongside India’s External Affairs Minister, Dr S Jaishankar.
This meeting comes at a critical juncture as both nations look to diversify their trade basket and address logistical bottlenecks arising from the current global geopolitical climate.
Targeting The $100 Billion Milestone
A primary focus of the discussions is the ambitious goal of reaching $1000 million (approx. ₹8.3 lakh crore) in bilateral trade by 2030, a target set during the last annual summit between Prime Minister Narendra Modi and President Vladimir Putin. While trade has seen a massive surge recently, primarily driven by India’s increased procurement of Russian crude oil, both sides are now eager to address the trade imbalance by boosting Indian exports to Russia.
Key sectors under the scanner for expansion include pharmaceuticals, advanced technology, chemicals, and the joint manufacturing of spare parts for Russian-origin equipment in India.
Navigating Payment and Logistics
The visit is also expected to address the ongoing challenges regarding payment mechanisms. With international sanctions complicating traditional banking routes, New Delhi and Moscow have been exploring the Rupee-Rouble arrangement and the integration of the Unified Payments Interface (UPI) with Russia’s Faster Payments System (FPS).
Additionally, progress on the International North-South Transport Corridor (INSTC) and the Chennai-Vladivostok Eastern Maritime Corridor is high on the agenda. These routes are seen as vital alternatives to reduce shipping time and costs, further insulating the bilateral trade from disruptions in the Suez Canal or the Middle East.
Strategic Investments
Beyond trade, Manturov’s delegation, which includes senior officials and business leaders, is looking to explore fresh investment opportunities in India’s ‘Make in India’ initiatives. Russia has expressed a keen interest in collaborating on railway infrastructure, shipbuilding, and steel production.
“India remains one of Russia’s most trusted partners,” a diplomatic source noted. “This visit isn’t just about maintaining current levels of cooperation; it’s about creating a roadmap for a resilient, future-ready economic relationship that can withstand external pressures.”
A Multi-Faceted Dialogue
While economic ties take centrestage, the IRIGC-TEC also covers cultural and scientific cooperation. Discussions are expected regarding space exploration, nuclear energy collaboration (specifically the Kudankulam Nuclear Power Project), and educational exchanges between premier institutes of both countries.
As the Deputy PM’s visit unfolds, the outcomes of the Inter-Governmental Commission are expected to lay the groundwork for the next Annual India-Russia Summit, reinforcing a partnership that remains a cornerstone of India’s multi-aligned foreign policy.