Prime Minister Narendra Modi is expected to engage in a telephonic discussion with Russian President Vladimir Putin prior to External Affairs Minister S Jaishankar’s departure for Russia on December 25 for a five-day visit. Sources indicate that the conversation between the two leaders aims to lay the groundwork for a substantial number of financial, strategic, and infrastructure agreements likely to be finalized during Jaishankar’s trip.
India and Russia are currently negotiating an agreement that would permit Russian investments across numerous sectors in India, excluding the stock market. The proposed deal would allow Russia to invest in Indian businesses, addressing challenges related to repatriating profits due to western sanctions. Jaishankar is anticipated to carry a list of sectors where India seeks Russian investment. Russian companies, including Metrowagonmash, have secured significant contracts, such as the Rs 30,000-crore deal for manufacturing 120 Vande Bharat trains. Potential areas for Russian investment extend to Metro Rail networks, oil refining (following Rosneft’s acquisition of Essar Oil), and the energy sector, with defense and pharmaceuticals also being considered for Russian investments.
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