Russia Seeks Fivefold Trade Expansion with India As Tensions Abate

In a significant move to boost bilateral ties, Russian First Deputy Prime Minister Denis Manturov has proposed a staggering fivefold growth in trade between Russia and India over the past five years. During his recent visit to New Delhi for the 25th session of the India-Russia Intergovernmental Commission, Manturov highlighted the diversification of trade, which now spans across various sectors including energy, fertilizers, food products, pharmaceuticals, and more.

Meanwhile, in a related development, the Indian government is considering easing quarterly spending restrictions to avoid missing its capital expenditure target for the fiscal year 2024/2025. The move comes on the back of slower spending in the first half of the year, which has contributed to a slowdown in economic indicators. Despite this, the government appears unlikely to adjust its borrowed funds plans for the year, amid concerns over maintaining public finances.

As tensions between Russia and India continue to ebb under the umbrella of their strategic partnership, trade growth remains at the forefront of their bilateral agenda, promising a bright horizon for a rapidly expanding relationship.