India and Russia Aim for $100 Billion Trade by 2030
PM Modi and President Putin emphasize expanding bilateral cooperation to enhance trade and investment.
India and Russia target $100 billion in bilateral trade by 2030.
Joint initiatives discussed during the BRICS summit include labor cooperation.
India aims to supply skilled workers to meet Russia's labor demands.
During a recent meeting, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin have instructed their respective governments to intensify efforts to boost bilateral cooperation, with a specific goal of achieving $100 billion in trade by the year 2030. This directive was conveyed by Indian Ambassador Vinay Kumar in an interview with the Russian news agency TASS, following discussions that took place on the sidelines of the BRICS summit held in New Delhi on September 12-13.
Ambassador Kumar highlighted that one of the significant outcomes of the leaders' discussions was their joint participation in the BRICS business summit and a visit to the Innoprom-India exhibition, marking the first Russian industrial showcase in New Delhi. The ambassador emphasized that both leaders have directed relevant ministries and agencies to further enhance cooperation, particularly in the domains of trade and commerce.
In addition to the trade targets, Kumar noted that India and Russia are also aiming for two-way investments to reach $50 billion by 2030. The ambassador elaborated on labor cooperation, stating that India is prepared to provide Russia with the skilled workforce necessary to meet its industrial needs. Currently, Indians constitute approximately 25 to 30% of the foreign worker quota in Russia.
With a population nearing 1.5 billion, India is poised to become a global hub for skilled labor. The average age of the Indian workforce is 29 years, and workers represent about 69% of the population. Kumar explained that India not only trains specialists for its domestic market but also prepares them for international employment. He proposed that Russia could either establish educational institutions in India or collaborate with existing ones to train workers tailored to Russian industry requirements.
Looking ahead, the focus will be on implementing the strategies discussed to achieve the ambitious trade and investment goals set by both nations. The ongoing dialogue between India and Russia is expected to pave the way for enhanced economic ties, with significant implications for both countries in the coming years.
