Amid rising global economic tensions triggered by the United States imposing 50% tariffs on Indian exports, External Affairs Minister Dr S Jaishankar has called on Russian companies to deepen their engagement with India. Speaking at the India-Russia Business Forum in Moscow, Jaishankar underlined that the relationship between India and Russia has been one of the steadiest partnerships in global diplomacy, but also highlighted the urgent need for more diversified and balanced trade.

Jaishankar explained that India’s economic transformation, driven by rapid modernization, urbanisation, and rising consumption, has created vast opportunities for foreign businesses. Initiatives like ‘Make in India’, he said, have opened new doors for global firms, particularly for Russia, which has long been a trusted strategic partner. “Each of these dimensions represent an invitation for Russian companies to engage more intensively with their Indian counterparts. Our endeavour is to encourage them to rise to that challenge,” he stated.

While bilateral trade between India and Russia has grown in recent years, Jaishankar cautioned that the growth has also been accompanied by an expanding trade deficit, which India is keen to address. He stressed the importance of diversifying the trade basket, moving beyond limited categories to ensure sustainable growth. “Both the diversification and balancing of trade now urgently mandate more strenuous efforts on our part. At the end of the day, they are essential not just to reach higher trade targets but even to sustain the existing levels,” he remarked.

The Minister also highlighted India’s readiness to explore joint ventures, fresh investments, and deeper collaborations across various sectors. He said that the governments of both countries are committed to providing guidance and creating the right conditions for businesses to thrive. “Clearly much centres around trade, but there is growing willingness to contemplate more investments, joint ventures, and other forms of collaboration. We want to send a clear message that an enduring strategic partnership must have a strong and sustainable economic component,” he said.

Jaishankar’s comments come at a crucial time, as India faces mounting pressure from the United States over its trade ties with Russia. Washington has accused New Delhi of enabling Moscow’s revenue streams amid the ongoing Ukraine war by purchasing discounted Russian crude oil. In response, the US has slapped 50% tariffs on Indian exports, creating new challenges for New Delhi’s foreign trade policy.

Despite these external pressures, Jaishankar expressed optimism that India and Russia can expand their economic partnership to new horizons. He emphasized that both nations share a long-standing trust built over decades, and it is now imperative to translate this strategic trust into robust economic cooperation.

The Minister also noted that sectors such as energy, manufacturing, infrastructure, technology, and defence collaboration present enormous opportunities for joint growth. He encouraged Russian businesses to look beyond traditional areas and tap into India’s booming domestic market, which is increasingly driven by a young population, growing middle class, and rising consumer demand.

Jaishankar’s invitation underscores India’s balancing act in foreign policy—on one hand maintaining its deep-rooted friendship with Russia, and on the other hand navigating the pressures of Western sanctions and tariffs. The message was clear: despite challenges, India seeks to reinforce its economic ties with Russia in a way that aligns with its broader development goals and strategic autonomy.

In conclusion, Jaishankar reiterated that while geopolitical tensions may shape the global landscape, India and Russia must continue to build on their economic foundations. An enduring India-Russia strategic partnership, he stressed, requires a strong economic pillar that can withstand external pressures and contribute meaningfully to the growth trajectories of both nations.

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