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India


Prospects of India-Russia trade relations bright in post-COVID era: Indian Envoy to Russia

Prospects of India-Russia trade relations bright in post-COVID era: Indian Envoy to Russia

New Delhi, Dec 9 (UNI) Indian Ambassador to Russia, D Bala Venkatesh Varma on Wednesday suggested that the prospects for the Indian-Russian economic growth, trade and investment are very bright in the post-COVID era and urged Indian businesses to build supply chains and form joint ventures with the latter.
Mr Varma was addressing a virtual conference on the 'Economic Engagement & Business Opportunities in Russia Post COVID-19' from Moscow. The online event was organised by MIICCIA (Millennial India International Chamber of Commerce Industry & Agriculture) and BRICS Chamber of Commerce.
"The bilateral trade between India and Russia between April 2019 and March 2020 increased by 2.65 per cent, which accounts for 11 billion USD. The trade relations stumbled a little in the second and third quarter of FY2019-20 due to the pandemic-induced-lockdown all around the world but I am sure that now that we have adapted to the new normal, the trade will pick up in the last quarter and the beginning of FY2020-2021 and turn back to its original form, said Mr Varma.

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