India-Russia Trade: Target Of $100 Billion In Trade By 2030
Increased Role For Indian Workers In Russia
Efforts are underway to further strengthen the friendship and commercial ties between India and Russia. Both nations have set a target to increase bilateral trade to $100 billion by 2030. Additionally, work is being done on a plan to boost investments between the two countries to $50 billion.
Trade between India and Russia has grown following the onset of the Russia-Ukraine war and the imposition of sanctions on Russia by Western nations. In particular, there has been a notable increase in the import of crude oil from Russia. Modi and Putin Issue Directives to Enhance Cooperation
Indian Ambassador Vinay Kumar stated that Prime Minister Narendra Modi and Russian President Vladimir Putin have directed the relevant ministries and agencies to further strengthen relations between the two nations.
According to him, both leaders emphasized expanding cooperation across various sectors, including trade and commerce. India and Russia are working towards increasing bilateral trade to $100 billion and investments to $50 billion by 2030.
Demand For Indian Workers In Russia May Increase
Addressing the need for labor in Russia, the Indian Ambassador noted that India aims to provide skilled workers to meet Russia’s requirements.
He mentioned that Indians account for approximately 25 to 30 percent of Russia’s quota for foreign workers. He also stated that India, with a population of approximately 1.5 billion, has the potential to emerge as a global hub for skilled workers.
According to Vinay Kumar, the average age of the workforce in India is 29 years, and about 69 percent of the country’s population falls within the working-age group. This can assist India in providing skilled workers on a global scale.
