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Russia India Economic Prospects

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Meeting No: 2519 710 0746
Password: trade

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The economic ties between Russia and India have undergone significant transformations over the years, evolving into a strategic partnership with vast potential for mutual benefit. Russia and India share historical ties, rooted in diplomatic cooperation and cultural exchanges. However, in recent decades, economic collaboration has become increasingly prominent, driven by complementary strengths and shared strategic interests. Both nations possess diverse economies with strengths in sectors such as energy, defense, technology, and agriculture, offering ample opportunities for collaboration and investment. One of the cornerstones of the Russia-India economic partnership is the energy sector. Russia stands as a key supplier of oil and natural gas to India, while Indian companies have made significant investments in Russia's energy infrastructure. The bilateral trade volume has witnessed steady growth, albeit with untapped potential waiting to be realized. Efforts are underway to diversify trade beyond traditional sectors and explore new avenues for collaboration in emerging fields like pharmaceuticals, information technology, and space exploration. Additionally, the geopolitical landscape, including developments such as the evolving global order and regional dynamics, will shape the future trajectory of Russia-India economic relations.

About the Speakers

Amb. D.B. Venkatesh Varma

Ambassador D.B.Venkatesh Varma was a Member of the Indian Foreign Service from 1988 to 2021. During his diplomatic career, he has worked in the Ministry of External Affairs, in the Office of External Affairs Minister and in the Prime Minister’s Office. He served as India’s Ambassador to Conference on Disarmament in Geneva, to the Kingdom of Spain and to the Russian Federation, until October 2021.

He has more than 12 years of experience in the field of multilateral non-proliferation and disarmament—nuclear, chemical, biological and conventional weapons.

He was a key member of the Indian negotiating team involved in the Civil Nuclear Initiative with the US during his tenure as Director in the Prime Minister’s Office during 2004-2007, and as a member of Indian Delegation to Conference on Disarmament and as Joint Secretary in the Ministry of External Affairs.

He was the first Recipient of the S.K.Singh Award for Excellence in the Indian Foreign Service in 2011 for his contribution to the negotiations of the Civil Nuclear Initiative.

Dr. Valerija S. Mincicova

Valerija S. Mincicova is Deputy Director, Institute of Financial Literacy, Financial University, Government of the Russian Federation. She teaches various disciplines such as World Economy, Energy Markets, National Economies and Risk Management.

She has over 60 scientific publications in different fields of the world economy and also executes administrative work of Deputy Dean, Chair specialist, and others (at different periods) in the University.

Valerija S. Mincicova is Ph.D. in Economics. She graduated from Financial University, Government of the Russian Federation.

Lt. Gen. P.S. Rajeshwar

Lt Gen PS Rajeshwar was commissioned into the Regiment of Artillery in December 1980. A gunner and aviator, he is an alumnus of the Defence Services Staff College, Army War College and National Defence College(s) in New Delhi and Philippines. He has actively taken part in Operation Meghdoot and Operation Rakshak. He commanded a Medium Regiment in Operation Parakram, an infantry brigade on the Line of Control, a Counter Insurgency Force in Jammu & Kashmir and a Corps in the Desert sector.

He also served on key staff assignments and UN Peacekeeping missions in Mozambique and Rwanda. His apex responsibilities, both tri-service, included the Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee (CISC) and the Commander-in Chief of the Andaman & Nicobar Command (CINCAN) from where he retired in May 2020.