In a major diplomatic win, Prime Minister Narendra Modi’s first trip to Russia in 5 years has led to a game-changing agreement between the 2 countries. India and Russia have together pledged to boost their bilateral trade to over $100 billion by 2030.
But what does this mean for you and me? Let’s break it down.
First off, more investments and easier trade - Both countries are focusing on making trade easier and more profitable. They’re looking to use their own currencies, rupees and roubles, instead of relying on dollars. This means India can buy Russian goods like oil with rupees, and Russia can spend those rupees on Indian exports. This could make things cheaper and more efficient.
Secondly, new trade routes and faster shipments - Both the nations are opening up new trade routes, like the North-South Transport Corridor and the Northern Sea Route, which should speed up the movement of goods. Imagine getting products faster and possibly at lower costs due to streamlined customs procedures.
Next, the energy sector is set to see a lot of action, including more cooperation in nuclear energy and oil refining. For those in agriculture, this means more trade in food and fertilizers, with efforts to remove any barriers that slow things down.
Russia and India are also planning to boost investments in each other's markets. This includes creating industrial clusters and subsidiaries, which could mean more jobs and better infrastructure. They’re also looking at joint projects in the digital economy, which could lead to new tech advancements.
On the environmental front, an MoU was signed to tackle climate change and develop low-carbon technologies. Additionally, there’s a focus on polar research, which could lead to major scientific discoveries.
Moreover, beyond business, there's a strong push for educational and cultural exchanges. Expect more opportunities for students and professionals in science, technology, medicine and even sports.
Apart from re-iterating the Modi-putin friendship, this meeting has set the stage for a deeper, more integrated partnership between India and Russia. From increasing trade and investment to collaborating on cutting-edge research and cultural exchanges.
..............................................................................................
News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms.
It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences.
► News9 Plus App : [ Ссылка ]
► News9 OTT Coupons : [ Ссылка ]
► Watch us on YouTube : [ Ссылка ]
► Like us on Facebook : [ Ссылка ]
► Follow us on Instagram : [ Ссылка ]
► Follow us on Twitter : [ Ссылка ]
