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Jaishankar asks Russian firms to engage more intensively with India

Amid the US imposing a 50% tariff on India, External Affairs Minister S Jaishankar has pushed to increase trade with Russia, encouraging Russian companies to engage "more intensively" with their Indian counterparts. Noting India's rapidly growing economy and initiatives like 'Make in India' that have opened up new windows for foreign businesses, Jaishankar said that these dimensions represent an invitation for Russian companies to engage more. "An India with a GDP of USD 4 trillion plus growing at 7% for the foreseeable future has an obvious need for large resources from dependable sources. In some cases, it could be assured supplies of essential products, fertiliser, chemicals, and machinery, being good examples. Its rapidly growing infrastructure offers business openings to enterprises with an established track record in their own country," said Jaishankar.

Russia has said that it has a “very special mechanism” to get around punitive measures imposed by the Donald Trump administration to curb energy trade. Moscow dismissed concerns about sanctions and tariffs imposed by the US and European Union (EU) hitting oil supplies to India. Russia also remains a “partner of choice” for India in defence, and hostilities between India and Pakistan in May served as a “very successful battle test” for Russian weaponry such as the S-400 air defence system, chargé d’affaires Roman Babushkin told a media briefing in New Delhi on Wednesday. He confirmed that President Vladimir Putin will travel to India later this year for an annual summit though dates are yet to be finalised. Babushkin and deputy trade commissioner Evgeny Griva, however, were confident that Russia would be able to circumvent pressure from the US and its Western allies over energy trade with India.


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