It was just a few months ago that the trade between Russia and India touched $49 billion (Rs 408,219 crore) much ahead of the earlier target of reaching the milestone of $25 billion (Rs 208,275 crore) by 2025 and $30 billion (Rs 249,930 crore) by 2030.

It is important to note that almost $40 billion (Rs 333,240 crore) consisted of trade for crude oil and fertilizer trade between the two nations. But Russia is eyeing a bigger trade with India, that not only expands existing supplies but also newer areas of cooperation.

Russia is also looking at improving air connectivity between the two countries, especially through key locations.

Highlighting the role of Russia in clean energy, Surovstev mentioned, “We have already been discussing that Russia is helping India in constructing the Kudankulam nuclear plant and have other interesting projects such as vessels that can function act as a powerplant. These vessels have a nuclear reactor, and it can produce energy that can be transported all across the globe to any coast of India. It can connect to any grid/network, its the cleanest way of producing electricity. This is one of the areas we can be helpful and it is necessary to look at new segments but also existing segments where we can expand our cooperation.”

Alexey Valkov, Deputy Director, Roscongress Foundation and Director, SPIEF added, “We certainly need to expand our cooperation in the traditional areas, but would like to reiterate that the fact we are open for cooperation in new spheres and areas, and big and great countries like ours should develop in all possible directions. That is exactly why last year at SPIEF we had a separate day forum dedicated to Russian-Indian businesses and the purpose of such is to provide the whole scope of possibilities we can start cooperating deeper.”

Indian companies need to be pro-active

It is no secret that many European and American companies who had invested in Russia have exited the country on the back of pressure from their government(s). This is an opportunity that Indian companies could look into.

Responding to a query on if the Russian government aims to provide any special sops/incentives to Indian companies planning to enter/invest in the country, Surovstev said, “Indian companies need to be more proactive. As we mentioned earlier there is a window of opportunity available right now. Since European and American companies exited due to pressure from their government, Indian companies should negotiate more. They should bring up the question more often and then the Russian government will take notice and react. While I am not a specialist to comment on this, if it’s possible due to the long-term friendship between Russia and India, definitely some potential preferential approach is possible. But the main point is that Indian companies need to be much more proactive to enter the Russian market.”