• By Ajeet Kumar
  • Thu, 21 Aug 2025 08:12 AM (IST)
  • Source:JND
Jaishankar's Russia visit: Amid the US imposing a 50 per cent tariff on India, External Affairs Minister S Jaishankar has pushed to increase trade with Russia, encouraging Russian companies to engage "more intensively" with their Indian counterparts. Noting India's rapidly growing economy and initiatives like 'Make in India' that have opened up new windows for foreign businesses, Jaishankar said that these dimensions represent an invitation for Russian companies to engage more. The external affairs minister arrived in Moscow on Tuesday on a three-day visit.

"An India with a GDP of USD 4 trillion plus growing at 7 per cent for the foreseeable future has an obvious need for large resources from dependable sources. In some cases, it could be assured supplies of essential products, fertiliser, chemicals, and machinery, being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country," said Jaishankar.

Jaishankar's Make In India Push in Russia

"The 'Make in India' and other such initiatives have opened up new windows for foreign businesses. The modernisation and the urbanisation of India generate their own demands, flowing from shifts in consumption and lifestyle. Each of these dimensions represents an invitation for Russian companies to engage more intensively with their Indian counterparts. Our endeavour is to encourage them to rise to that challenge," he added.
 
Mentioning that India and Russia have nurtured one of the steadiest relationships between major nations, Jaishankar pushed for more "strenuous efforts" to diversify and balance trade between both nations.
 
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"India and Russia have nurtured one of the steadiest relationships between major nations in current times is now widely recognised. However, that did not automatically translate into significant economic cooperation. Our trade basket remains limited and till recently, so did our trade volume. It may have grown in recent years, but then, so too has the trade deficit. Both the diversification and balancing of trade now urgently mandate more strenuous efforts on our part. At the end of the day, they are essential not just to reach higher trade targets but even to sustain the existing levels," he said.

India seeks more collaborations: Jaishankar

Further, Jaishankar pushed for deeper cooperation to promote growth and accelerate development and expressed India's willingness to contemplate more investments, joint ventures and other forms of collaboration.

"It is reasonably evident that there is much that India and Russia can do for each other in promoting growth and accelerating development. What we seek to do as Governments is to provide the guidance and create conditions for economic activities to take place. Clearly much centres around trade but there is growing willingness to contemplate more investments, joint ventures and other forms of collaboration. First DPM Manturov and I are here amongst you to encourage those processes. We want to send a clear message that an enduring strategic partnership must have a strong and sustainable economic component." he said. 

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India and Russia should come out with a creative and innovative approach to confront complex geopolitical challenges, Jaishankar said amid increasing strains in New Delhi's ties with Washington over its purchase of Russian crude oil. Jaishankar made the remarks at a meeting with Russia's First Deputy Prime Minister Denis Manturov in Moscow.

"Doing more and doing differently should be our mantras"

In his televised opening remarks, the external affairs minister said India and Russia should continuously diversify and expand their "agenda" of cooperation, including by diversifying the bilateral trade basket and through more joint ventures. "Doing more and doing differently should be our mantras," he said.
 
The comments came against the backdrop of a downturn in relations between India and the US after President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil. 
 
The Jaishankar-Manturov talks were held under the framework of India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). The meeting was aimed at preparing the grounds for Russian President Vladimir Putin's visit to India later this year.

"Should not get stuck on a beaten track"

Elaborating on the importance of India-Russia ties in the context of current geopolitical upheaval, Jaishankar made specific suggestions to further consolidate the engagement, especially in the economic sphere. "The various working groups and subgroups could perhaps take a more creative and innovative approach towards their respective agendas. The challenges posed by the larger landscape that I mentioned require us to do so," he said.
 
The external affairs minister said both sides should continuously diversify and expand their agenda through mutual consultation. "This will help us tap into the full potential of our trade and investment ties. We should not get stuck on a beaten track," he said.
 
(With inputs from agencies)