New Delhi: External Affairs Minister S. Jaishankar on Wednesday called on Russian firms to engage “more intensively” with India, stressing that the two countries must adopt a “creative and innovative” approach to strengthen economic ties against the backdrop of growing geopolitical challenges and rising U.S. tariffs on Indian goods.
Speaking at the India-Russia Business Forum and later meeting Russia’s First Deputy Prime Minister Denis Manturov under the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), Jaishankar said India’s $4 trillion economy, growing at 7% annually, offers vast opportunities for Russian enterprises.
“India has an obvious need for dependable supplies of essential products such as fertilisers, chemicals and machinery. Our expanding infrastructure, modernisation and urbanisation create fresh avenues for businesses with proven track records. Each of these dimensions is an invitation for Russian companies to step forward,” he said.
Highlighting that India and Russia share one of the steadiest strategic relationships globally, Jaishankar noted that economic cooperation has lagged behind. “Our trade basket remains narrow and the deficit has widened. Diversification and balancing of trade urgently mandate more strenuous efforts,” he remarked.
Jaishankar urged both sides to set “quantifiable targets and firm timelines” for expanding bilateral trade and investments. He proposed that working groups adopt result-oriented approaches, identify specific trade barriers, and commit to clear deadlines. He also suggested a coordination mechanism between business forums and government panels to ensure a two-way flow of ideas.
The minister announced that India has signed the Terms of Reference (ToR) for a Free Trade Agreement with the Eurasian Economic Union, describing it as a “game changer” once finalised. He also called for greater joint ventures, large-scale investments, mobility initiatives, and stronger connectivity.
“Doing more and doing differently should be our mantra,” Jaishankar said, emphasising that closer India-Russia economic engagement would not only promote growth and development but also reinforce their enduring strategic partnership with a sustainable economic pillar.
The push comes as India faces a 50% U.S. tariff on its exports, raising the urgency of diversifying trade partnerships and securing reliable supply chains.
