Delhi, 21 August (H.S.): External Affairs Minister S. Jaishankar urged Russian firms to engage more deeply with Indian counterparts despite a recent 50% US tariff on India's import of Russian oil. He highlighted India's fast-growing economy and initiatives like 'Make in India', which create new opportunities for foreign businesses. Jaishankar pointed out that India's GDP is projected to exceed USD 4 trillion, with a growth rate of 7% expected in the near future, resulting in a significant demand for resources from reliable sources. He cited examples such as essential products, fertilizers, chemicals, and machinery, emphasizing that India's expanding infrastructure offers vast business opportunities for established international enterprises.

Jaishankar articulated India's steady relationship with Russia, which though recognized, has not translated into substantial economic cooperation. He noted that while trade volume has increased over recent years, the trade deficit has also grown, necessitating urgent efforts to diversify and balance trade between the two nations. He called for deeper collaboration to foster economic growth and accelerate development, stating that India's government is committed to providing guidance and creating conducive conditions for economic activity.

Stressing the importance of trade, Jaishankar expressed a growing willingness to explore investments, joint ventures, and other collaborative ventures. He underscored the need for businesses to confidently step forward and for alignment between government discussions and business plans.

Moreover, Jaishankar announced the signing of Terms of Reference (ToR) for the India-Eurasian Economic Union's Free Trade Agreement, noting its potential impact once finalized. The discussions also encompassed motivating joint ventures in established demand sectors, significant investment initiatives, and improved connectivity through various options.

Jaishankar's optimistic stance on boosting trade with Russia follows the imposition of a 25% ad valorem duty on Indian goods by the US, alongside an additional 25% tariff scheduled to take effect, bringing the total duty to 50%. He reiterated the importance of a strong economic component in the strategic partnership, seeking to stimulate ongoing engagement between Indian and Russian businesses.

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Hindusthan Samachar / Jun Sarkar