Vladimir Putin and PM Modi
Relations between India and Russia are decades old. Political and trade relations between the two countries have been strong for almost 78 years. Barring some isolated incidents, Russia has always stood with India. In this context, Russian President Vladimir Putin has come on a two-day visit to India in an environment full of global tension. How much does this tour mean for both the countries? Let us understand in detail how strong the relationships will be, especially the business relationships.
According to government sources, this visit will help a lot in strengthening economic cooperation. President Putin is traveling with a large group of businessmen. India hopes to improve trade deficit with Russia. Many methods are being worked on to increase Indian exports to Russia. Special attention is being given to the fields of agricultural products including pharmaceuticals, automobiles, marine products. Indian business is expected to get a boost due to Putin’s visit to India. Apart from this, Indian businesses and products will get a bigger market and it is expected that jobs will also increase. Also, if there is a deal in the agri sector, Indian farmers will also benefit.
Defense sector will also benefit
There is a possibility of many agreements and MoUs between the two countries in the fields of shipping, healthcare, fertilizer, connectivity. More cooperation will also be seen in people-to-people relations, mobility partnerships, culture and scientific cooperation. According to information received from GoI sources, India can buy 23 more S-400 regiments from Russia. Along with this, there can also be talk of including up to 50% technology transfer in the new S-400 deal between the two countries. The total value of this deal can be between Rs 18,000 – 24,000 crore.
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According to sources, India will discuss Su-57 fifth generation fighter aircraft for IAF. India-Russia will pursue joint construction and tech transfer. Also, India and Government of India can buy 2-3 squadrons. Its price could be Rs 35,000-40,000 crore. Also, HAL can also be involved in the possible SU-57 deal. This will further strengthen India’s defense sector.
The business will be so big
India and Russia aim to increase two-way trade to $100 billion by 2030. Their trade is expected to grow from about $13 billion in 2021 to about $69 billion in 2024-25, almost entirely dependent on Indian energy imports. Indian Trade Minister Piyush Goyal said India wants to diversify exports and increase sales of automobiles, electronics goods, data-processing equipment, heavy machinery, industrial components, textiles and food items.
Piyush Goyal said in the conference that there is a huge demand for industrial goods and consumer products in Russia, which presents many untapped opportunities for Indian business. He said that we need to bring more diversity in our business. We need to make it more balanced between Russia and India.
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