Trade between the countries increased seven-fold over five years, Russian Economy Minister Maxim Reshetnikov has told RT India
The range and volume of goods exported from India to Russia is expanding rapidly, with industrial products, pharmaceuticals, and IT solutions emerging as new areas of cooperation, according to Russian Economic Development Minister Maxim Reshetnikov.
The minister was part of a large Russian delegation that traveled to New Delhi alongside President Vladimir Putin for bilateral talks ahead of the BRICS summit.
In an exclusive interview with RT India, Reshetnikov outlined a series of measures the two countries are pursuing to diversify bilateral trade – which he acknowledged remains unbalanced – and take economic ties to a new level.
“Over the past five years, our trade volume has increased sevenfold, reaching 79 billion US dollars last year. And there is significant potential for further growth because, of course, a substantial proportion of resources is supplied from Russia to India. But Indian exports to Russia are also expanding in both volume and variety,” the minister said.
He noted that India is emerging as a producer of a wide range of engineering goods that are now entering the Russian market. “Indian industry is making significant progress and, as a result, products with great export potential are emerging.”
Reshetnikov added that technology, including software development, services and AI-based solutions “is definitely a breakthrough” for the two countries as it “will serve as a major platform for cooperation and near-term investment.”
The minister also said a free trade agreement between India and the Eurasian Economic Union (EAEU) – comprising Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia – would give a further push to diversification. The pact is currently under negotiation.
To expand trade and business activity more broadly, Reshetnikov said the two countries also need to boost tourism and simplify visa rules. Commenting on the possibility of easing visas for Indian tourists, he noted that while Moscow had proposed one route, New Delhi had moved in a slightly different direction by introducing visa-free entry for certain categories. “Right now, we’re also looking into whether we’ll reduce or waive the fee,” he said.
He also stressed the need to improve connectivity between the two countries from the current 15 flights a week to hundreds, just as Russia has with the UAE and China. “We are very actively encouraging Indian airlines to come and start flying to Russia. There will be no problems with permits,” he added.
