NEW DELHI: Denis Manturov, the Deputy Prime Minister of Russia began a two-day visit to India on Monday, April 17 basically to attend an inter-governmental meeting on trade, culture and science and technology. Denis Manturov is Russia's Minister for Trade and Industry as well.
The co-chairs of the intergovernmental Russia-India Commission on trade, scientific, economic, technical and cultural cooperation will meet with the business representatives from Russia and India, said a Russian official.
A plenary meeting of the intergovernmental commission (IGC) will be held tomorrow, April 18, following which the co-chairs will sign the final protocol of the 24th inter-governmental Commission meeting, he said. Both sides plan to discuss the "widest range" of issues of bilateral trade, economic and humanitarian cooperation, the Russian official said.
Manturov is also scheduled to hold a number of bilateral meetings during his stay in Delhi. His visit comes in the backdrop of renewed intensity in India-Russia trade relationships, especially New Delhi's procurement of increasing volume of discounted crude oil from that country.
India has not yet denounced Russia's invasion of Ukraine and has insisted that diplomacy and communication are the only ways to find a solution to the crisis.
Two major meetings held at the end of March and the beginning of April, as well as the opening of the Russian Chamber of Commerce and Industry's office in India, significantly strengthened trade and business ties. In 2022–2023, bilateral trade exceeded $40 billion, and in 2023–2024, it is anticipated to surpass $50 billion. India's top five trading partners now include Russia.
US comes up as India's top trading partner in FY23
