Jaishankar: India to Strengthen Economic Ties with Russia After US Tariff – Appeals to Russian Companies for Deeper Engagement
Indian Foreign Minister S. Jaishankar has emphasized the need to strengthen economic cooperation between India and Russia, particularly in the wake of the United States imposing a 50% tariff on India for purchasing oil from Russia. During his visit to Moscow, Jaishankar urged Russian companies to engage more intensively with Indian counterparts, highlighting the vast opportunities offered by India’s growing economy and government initiatives such as Make in India.
Push for Stronger Economic Cooperation
Jaishankar acknowledged that while India-Russia relations have remained among the most stable globally, economic collaboration between the two nations has not always been at the same level. Recent years have seen some momentum, yet the trade imbalance continues to be a concern. He stressed the importance of diversifying and balancing trade, particularly in critical sectors like fertilizers, chemicals, and machinery.
India’s Growing Market Potential
Speaking at an event, Jaishankar pointed out that India’s GDP now exceeds $4 trillion and is expanding at a rapid pace of 7% annually. He noted that India requires significant and reliable resource supplies to support this growth. With large-scale infrastructure development underway, he said the Indian market presents immense opportunities for Russian enterprises looking for sustainable partnerships.
Call for Investments and Joint Ventures
The Foreign Minister underlined that trade and investment are vital components of the long-term strategic partnership between the two countries. He called for greater investment, joint ventures, and broader cooperation to ensure a strong, sustainable economic foundation.
Jaishankar’s remarks come at a time when India is navigating new economic challenges and opportunities in the global landscape. With the U.S. tariff move adding fresh complexities, India and Russia are once again looking to deepen their ties and expand economic engagement.
