Kazan, Russia: India and Russia recorded bilateral trade worth $38 billion in the first six months of this year, Vinay Kumar, Ambassador of India to the Russian Federation, said Thursday.
Speaking on the sidelines of the 2nd India-Russia Business Forum “TIME: Tatarstan Initiative Mutual Efficiency”, Kumar said that this puts the two countries comfortably on the course to achieve the $100-billion target by 2030.
“When we do this business forum, we are not only talking about money and Dollars and Rubles but also about culture, about film festivals, about exporting events, about book launches—in essence, bringing people together, which will make the forum the foundation for further growth of Tatarstan and India, and India and Russia relations forward,” he said in his speech at the grand opening of the forum.
The inaugural TIME forum was held last October at the Bashir Rameev IT Park. While the 2025 forum between Russian and Indian business circles focused primarily on establishing a dialogue, this year’s forum expands the emphasis to a deeper integration of the two countries in business, cultural, and social spheres.
In his speech, Kumar said that the Republic of Tatarstan in Russia is one of its richest regions, and an important part of the India Russia business growth story.
“Tatarstan offers tremendous opportunities for trade, business, investment, industrial, and technology business…And as the fastest growing major economy in the world, India has registered more than 7 percent growth over the last several years. There is a mutuality of interest between India and Tatarstan to take the relationship forward,” he asserted.
Kumar said that 19 business agreements were signed after last year’s forum.
“I am sure this year, many more will be signed, but also, we will have more culture, more about Indian films, joint film production, and tourism taking place between our two regions and our two countries,” he added.
On the sidelines of his inaugural address, Kumar told reporters that nearly 25 percent of the quota for foreign workers is being allocated for Indians.
On Monday, Russian President Vladimir Putin also ratified an agreement with India on the temporary employment of citizens in each other’s territories. The agreement was signed between the Russian and Indian governments last December, and the law was adopted by the State Duma on 1 October.
The three-day forum aims to develop trade, economic, investment, scientific, technological, and humanitarian co-operation between the regions of Russia and the administrative divisions of India. The event has representation from various sectors including petrochemistry, finance and investment, logistics, medicine and pharmaceuticals, education and science, agriculture, IT and startups, textile manufacturing, creative industries, and the film industry.
The reporter is in Kazan, Russia on the invite of the Russian government.
(Edited by Amrtansh Arora)
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