New Delhi : Union Finance Minister Nirmala Sitharaman met Denis Manturov, First Deputy Prime Minister of the Russian Federation, in New Delhi ahead of the BRICS Summit. The two leaders discussed issues of mutual interest and exchanged views on strengthening India–Russia trade and investment ties.
India and Russia have traditionally maintained close economic and commercial relations, with cooperation spanning energy, oil and gas, pharmaceuticals, fertilisers, metals, banking, railways, steel and other sectors. Bilateral trade has expanded significantly in recent years, although the trade balance remains heavily weighted towards Russian exports to India. (Ministry of External Affairs)
Both countries are also working to address trade-related bottlenecks, including payment mechanisms, logistics, connectivity, tariff and non-tariff barriers and insurance-related issues, with the aim of achieving the revised bilateral trade target of USD 100 billion by 2030. India and Russia have further agreed to continue developing mechanisms for bilateral settlements using national currencies and to explore interoperability between their payment and financial messaging systems. (Ministry of External Affairs)
Investment cooperation remains another important pillar of the relationship. Russian investments in India have been concentrated in areas such as oil and gas, petrochemicals, banking, railways and steel, while Indian companies have invested in Russia, particularly in oil and gas and pharmaceuticals. (Ministry of External Affairs)
The meeting between Sitharaman and Manturov comes at a significant juncture, as both sides seek to further expand bilateral economic engagement and create more opportunities for businesses and investors. The discussions also assume importance ahead of the BRICS Summit, where strengthening economic cooperation, resilient supply chains and greater use of local currencies are expected to remain key areas of focus.