Moscow: Russian President Vladimir Putin has expressed Russia’s readiness to establish manufacturing operations in India, signaling a deepening economic partnership between the two nations. In a statement released on Thursday, the Indian government cited Putin, who highlighted Russian oil producer Rosneft’s recent $20 billion investment in India.
Addressing the 15th VTB Russia Calling Investment Forum on Wednesday, Putin stated, “We are also ready to set up our manufacturing operations in India… We believe that investing in India is profitable.”
Putin’s remarks come in anticipation of his planned visit to India early next year, which would mark his first trip to the country since the onset of the Russia-Ukraine conflict. According to the Kremlin, preparations for the visit are currently underway.
In January, Putin had emphasized Rosneft’s intentions to expand its presence in India. By July, Indian government officials indicated potential collaborations with Rosneft and other Russian oil firms to bolster energy ties between the two nations.
Rosneft has also reinforced the strategic nature of its partnership with India, citing ongoing cooperation with Indian companies in oil production, refining, and trading.
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India-Russia Ties
India and Russia have historically shared a strong bilateral relationship rooted in the Cold War-era partnership between India and the former Soviet Union. The relationship remains robust, particularly in the realms of diplomacy and defense.
While India has refrained from condemning Russia over its conflict with Ukraine, it has consistently advocated for diplomatic solutions to the crisis. Meanwhile, India’s purchase of discounted Russian oil has drawn criticism from Western nations. Since the war began, Russia has surpassed Iraq as India’s top oil supplier, with Indian refiners taking advantage of Russian crude that Western markets have largely avoided.
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Trade between the two nations has seen remarkable growth, nearly doubling to $65 billion in 2023, largely driven by India’s surging oil imports. The two countries have set an ambitious target of increasing bilateral trade by over 50%, aiming to achieve a total trade volume of $100 billion by 2030.
