The rekindling of the age-old India-Russia relationship could see the trade between the two traditional trading partners rise to $40 billion, industry experts believe.
With an aim to strengthen trade ties between Russia and India, a group of selected business organisations gathered at the Russia-India Business Forum.
The event, organised by Global Council of Innovation and Industry (GCII), was attended by 170 delegates from Russia and over 100 corporates.
The conference aimed to increase India-Russia trade from $12 billion to $40 billion by 2025, according to Global Council of Innovation and Industry (GCII) Director Dinesh Agarwal.
The event also provided a platform for business leaders from both countries to discuss the challenges and opportunities of strengthening trade ties.
The conference highlighted the importance of collaboration between countries during challenging times and the potential for future economic growth through strengthened trade relations.
The 74-year-old relationship between India and Russia was strengthened by this initiative, according to Russian delegates who attended the event. They acknowledged India’s emergence as a large market in the past and noted that India has also been a leader in digital currency usage.
The conference’s first phase discussed the use of foreign and digital currencies, with an emphasis on continuing to do so in the future. In the second phase, discussions and experiences on smart cities in India and Russia were shared. Efforts to improve trade in digital currency, health, information technology, agriculture, and energy were also discussed.
The event was a step towards realising PM Modi’s dream of increasing India-Russia trade. Economic organisations like GCII are continually trying to elevate the forum in collaboration with developed and developing countries to give a new flight to PM’s New India.
GCII president, Lalit Mohan Tyagi, along with vice president, Rajeev Lochan, secretary Skannd Tyagi and directors, Dinesh Agarwal and Sanjay Garg, played a key role in organising the event.
“Both the countries can be brought closer through this forum in the fields of digital currency, health, information technology, agriculture and energy,” Skannd Tyagi observed.