As a part of the St. Petersburg International Economic Forum, the Russia-India Business Forum wants to increase trade between the two countries to USD 50 billion this year and strengthen business ties between the two countries. The forum’s main theme is “Technological Alliances in the Greater Eurasia”. With specific attention paid to IT, cybersecurity, smart cities, transport and logistics, healthcare and pharmaceuticals, and IT. India’s growing IT industry has caught the attention of Russia. There are ways they could work together to help it grow even more. According to Rajiv Singh Thakur, Additional Secretary, Department for Promotion of Industry and Internal Trade. Ministry of Commerce and Industry, the government’s initiatives have strengthened India’s economy, which is doing well and experiencing 6-7% growth.
Sergey Cheryomin, a Russian minister, is also the head of Moscow’s Department for External Economic and International Relations and the chairman of the board of the Business Council for Cooperation with India. They met the USD 30 billion trade goal for 2025 already in 2022, which made him happy. Mostly because India bought oil from Russia. The most recent data indicates that 85 billion dollars of foreign direct investment go into the country, making India a digital leader. He forecasts that the amount will reach $50 billion in 2023. Cheryomin stressed that Russian banks could be accessed by Indian businesses and urged banks in both nations. To encourage more trade in rupees and rubles. At the forum, people also talked about how Russian tech companies could help India. In finding their own way without being affected. By outside forces.
He said that “Our banks should be more active in establishing relationships with each other, and we’ve got to promote trades in rupees and rubles as it creates a more stable platform for our companies.” Tigran Sargsyan, Deputy Chairman of the Board of the Eurasian Development Bank, urged faster progress over the international North-South Corridor, and Aleksandr Babakov, Deputy Chairman of the State Duma of the Federal Assembly of the Russian Federation. Called for collaborations on our terms. Russia-India Business Forum offers opportunities for collaboration and cooperation between the two countries. With India’s booming IT sector being a significant area of focus. The forum talked about how to increase trade in rupees and rubles and steer clear of outside influences.