Russia-India Trade May Reach Ambitious $100Bln Target Before 2030 – Business Council

Russia and India may achieve $100 billion in trade turnover before 2030, Tribhuvan Darbari, chairman of the India-Russia Business Council told Sputnik, adding that the goal was ambitious in the current geopolitical context, but attainable.
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi said in July that their countries would aim to make $100 billion in trade by 2030.
“I would say in the current context of the geopolitical situation this is a very ambitious target, but attainable,” Darbari said in an interview on the sidelines of the Eastern Economic Forum in Russia’s Vladivostok.
India and Russia can have a very robust strategy for cooperation “in spite of the challenges which we are facing in the geopolitical situation,” the official said, calling for diversification of cooperation areas.
“If the initiatives are taken to diversify areas of cooperation instead of just the traditional areas of defense, of pharma, of oil and gas, in renewables, renewable energy. Russia is pretty strong in technology. India is going to be the global powerhouse for green energy. Green energy. Smart energy. There can be a good cooperation in this field which can give immediate impact on the quantum of trade and commerce,” Darbari added.
India and Russia have maintained a “wonderful chemistry” and a strong, time-tested partnership despite foreign pressure, Darbari also noted.
“[Indian] Prime Minister [Narendra] Modi, [Russian] President [Vladimir] Putin have a wonderful chemistry. And India and Russia have time-tested relationships. And we have been very strong to each other in terms of partnerships in good times and bad times. You know the recent oil requirement. Russia was very keen because of the geopolitical situation. And India came to the rescue and took a very tough stand in spite of the pressure from various quarters,” he said.

Darbari, who is also a senior official at the Federation of Indian Chambers of Commerce and Industry (FICCI), insisted that India was pursuing an independent foreign policy, as evidenced by Modi’s visit to Russia in July and negotiations with Putin.
“But at the same time, he also went to Ukraine, Poland and Ukraine. So that shows that what is important is that he is the Messiah of Peace,” Darbari said.
BRICS Potential Rising Over Years, Becoming Value Driver
The potential of the BRICS group of the world’s major emerging economies has been rising over the years, becoming a value driver for the members states, Darbari said.
“BRICS is an emerging platform, it has shown its value in terms of augmenting and increasing the engagement levels between the BRICS nations … People are not just coming for any political reason. It is the value which this platform drives. And because of this the BRICS platform is emerging and becoming more potent and vibrant over the years,” he emphasized.
Darbari, who is also a senior official at the Federation of Indian Chambers of Commerce and Industry (FICCI), predicted that India and Russia could play a critical role in promoting BRICS’ “positive and vibrant leadership.”
Russia, India Digital Technology Exchange Can Boost Transformation
Exchange in digital technology between Russia and India can boost digital transformation in both nations, Darbari added.
“Russians are very scientific in terms of production processes. Our engineers need to learn that. And you have the advantage of integrating the emerging technologies with various production processes. They can be a very good exchange of, you know, digital transformation on both sides,” he said.
Digital trade between India and Russia rose by 20% in the past year.

“If the two sides combine, this can be a formidable experience, which will push through the digital transformation and integration of emerging technologies to various production processes,” Darbari said.
The Eastern Economic Forum began on Tuesday and will run through Friday. It is being hosted by the Far Eastern Federal University in Russia’s Pacific coast city of Vladivostok. Sputnik is the general information partner of the EEF 2024.