Russian President Vladimir Putin said that the country is ready to set up manufacturing operations in India. The Indian government quoted Putin saying in a statement on Thursday that Russian oil producer Rosneft invested $20 billion in India recently.
According to the statement, Putin, at the 15th VTB Russia Calling Investment Forum on Wednesday said, “We are also ready to set up our manufacturing operations in India… We believe that investing in India is profitable.”
Putin’s statement comes ahead of his planned visit to India early next year. It would be his first trip to the country since the war with Ukraine began. The Kremlin said that preparations for the trip are underway.
The Russian President had said in January that Rosneft planned to expand its presence in India, after which government officials said in July that India could seek deals with Rosneft and other oil firms as it looked to strengthen its energy with Russia.
Rosneft too called India a “strategic partner” and that it was cooperating with Indian companies to produce, refine and trade oil and petroleum products.
INDIA-RUSSIA TIES
India and Russia have maintained a long-standing friendship dating back to the era of the former Soviet Union. The two nations share robust diplomatic and defence relations. While India has refrained from condemning Russia over its conflict in Ukraine, it has consistently called for both parties to resolve the issue through diplomatic means.
Amidst the ongoing conflict, India has significantly increased its imports of affordable Russian oil, citing national interest as the primary reason. This move has caused frustration among Western nations. Since the onset of the war, Russia has overtaken Iraq as India’s leading oil supplier, as Indian refiners have capitalised on Russian crude oil that Western countries have shunned.
In 2023, trade between Russia and India nearly doubled to reach $65 billion, driven primarily by India’s oil imports. The two countries have set an ambitious goal to enhance bilateral trade by over 50 per cent, aiming to achieve a total trade volume of $100 billion by the year 2030.
(With Reuters inputs)
