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Russia-India trade turnover may reach $50 bln in 2023

It was also recalled that over the past year this figure has exceeded $30 bln

NEW DELHI, March 29. /TASS/. The trade turnover between Russia and India this year may reach $50 bln, Chairman of the Board of the Business Council for Cooperation with India Sergey Cheremin said on Wednesday.

"We expect a trade turnover of $50 bln this year," he said at the Russia-India Business Forum "Strategic Partnership for Development and Growth". Cheremin noted the huge potential for trade relations between the two countries.

He also recalled that over the past year this figure has exceeded $30 bln. "Just a few years ago, we dreamed of a trade turnover of $25 bln with India, because at that time it was less than $10 bln," Cheremin said.

In early February, Indian Ambassador to Russia Pawan Kapoor announced a significant increase in trade between the two countries, despite the West's anti-Russian sanctions. According to the diplomat, in April-December 2022, this figure reached around $35 bln.

Deputy Chairman of the State Duma Alexander Babakov said earlier on Wednesday that India, Russia and China should form a new financial relationship with a new common currency, which could be a digital ruble, rupee or yuan, calling it a top priority.

"India, Russia, and China are the countries that now create a multipolar world that is backed by the majority of countries. Its creation should be based on establishing new financial ties based on a system that does not safeguard today's dollar and euro, but rather creates a new currency capable of serving our goals," he said.

A Russian-Indian business forum is being held in New Delhi on March 29-30 as part of the St. Petersburg International Economic Forum's international events. The meeting in New Delhi aims to improve Indian-Russian business relations and facilitate Russian companies entering the Indian market.

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