India-Russia trade: Ambassador says Modi, Putin push for $100 billion target by 2030
Ambassador says Modi, Putin push for $100bn target by 2030. (Image courtesy: Wikimedia)
New Delhi: India and Russia are planning to strengthen economic ties through trade, investment, industrial partnerships and skilled labour cooperation, Indian ambassador to Russia, Vinay Kumar, has said. Both countries are working towards ambitious economic targets for 2030.
The prime minister, Narendra Modi, and the Russian president, Vladimir Putin, discussed bilateral relations on the sidelines of the BRICS summit in New Delhi on September 12 and 13. The two leaders discussed the full range of bilateral relations and directed their governments to explore further opportunities for cooperation, including in trade and commerce.
Vinay Kumar said on Saturday that the two leaders had directed their governments to expand bilateral cooperation. India and Russia aim to increase bilateral trade to $100bn by 2030, PTI reported.
In an interview with Tass, Kumar highlighted the leaders’ participation in the BRICS business summit and their visit to the Innoprom-India exhibition. He said these engagements allowed them to review bilateral relations and direct ministries and agencies to strengthen trade and commerce. Innoprom-India was the first Russian industrial exhibition held in New Delhi.
The second Russian-Indian business forum, TIME, took place in Kazan on October 15 and 16. Participants discussed joint initiatives, potential investment projects and technological cooperation. Tass was the forum’s information partner.
Skilled labour in focus
Skilled labour is another focus of India-Russia cooperation. Kumar said India aimed to provide Russia with workers according to its requirements. Indians account for about 25-30 per cent of Russia’s quota for foreign workers, he added.
In another report, Tass said Kumar highlighted India’s potential to supply skilled personnel to overseas markets. He cited India’s population of nearly 1.5 billion, an average workforce age of 29 and a worker share of about 69 per cent of the population. India trains specialists for both domestic employment and jobs abroad.
India has also proposed that Russia establish educational institutions in India or partner with existing Indian institutions. The aim is to train workers with skills required by Russian industries.
