Russia–India Business Forum in Delhi: Strategic Allies Open a New Chapter in Trade

Priority Import Sector	Potential & Key Insights
Pharmaceuticals & Healthcare	Indian products already account for 10% of all registered medicines in Russia (around 1,800 brands), and 23% of imported active pharmaceutical ingredients come from India.
Food & Agricultural Machinery	As Russia targets a 25% increase in domestic food production by 2030, it highly values the quality and efficiency of Indian equipment for food processing and agro-industries.
Industrial Goods	This category—including chemicals, machinery, auto parts, and textiles—already makes up roughly 80% of India’s exports to Russia (about $4.5 billion annually). The focus will now shift toward localizing production in Russia and integrating Indian suppliers into Russian industrial value chains.
Digital Technologies & Electronics	With digital transformation accelerating at historic rates, Russia is keen to source Indian telecom equipment, satellite components, and IT solutions.

Vladislav Gershkovich

Managing Partner of Rusatomcapital

Moderator:
00:00:00 — Well, now allow me to invite Vladislav Vladimirovich Gershkovich, a global investor, entrepreneur, and visionary. The floor is yours.

Speaker:

00:00:13 — Thank you. Let’s just say that while studying at the Phys-Tech institute, I felt I was lacking a bit in culture.

00:00:29 — And when I read, at a rather young age, works like the Bhagavad Gita as it is, the Bible, and also The Story ofMy Life by Mahatma Gandhi, I came across a phrase spoken a couple of hundred years ago, and how relevant it is today! It went like this:

00:01:00 — “We will be destroyed by politics without principles, pleasure without conscience, wealth without work, knowledge without character, business without morality, science without humanity, and prayer without sacrifice.” If you think about it, we—meaning humanity—have reached a point where these words are essentially becoming definitive for us.

00:01:29 — We stand at a civilizational crossroads; everyone feels this. Everyone talks about technology, about physical technologies—energy technology, logistics, manufacturing. But everyone forgets the three types of technologies that fundamentally determine humanity’s future.

00:01:59 — These are the technologies we must now immerse ourselves in and develop. If we don’t, we will just be running in circles and will have no future. These are social technologies (sometimes called humanitarian technologies), governance technologies, and the technology of ethics and morality, which determines why and how we do things.

00:02:35 — The second group of technologies are the cognitive technologies—how we think, what we think about, the processes and words we use.

00:03:00 — The third level is called the transcendent or divine. These are the technologies involved when a person asks themselves: Who are we? What are we? Where are we going? Why are we here? Finding answers to these questions is what makes a person whole.

00:03:00 — We see that the capitalist model, which has developed us—humanity—quite successfully in terms of physical technologies and effectively motivates people to produce food, bread, and the physical technologies that allow us to survive, has its limits.

00:03:42 — There are, for instance, quite well-known thought leaders in the West, like Elon Musk and Peter Thiel, who lecture about the future, but their vision still lies primarily in the realm of physical technology.

00:04:04 — And we see how this exclusive focus on physical technologies leads us into a dead end, leaving us unsure of where to go next. We keep saying that if we consume more—have three cars instead of two, three apartments instead of one—we will be happier. Those who have three apartments and three cars, I think, have not become truly happier and feel that something is missing.

00:04:33 — Therefore, we stand at a civilizational transition where humanity must define the next stage. And we understand that this next stage can only be formulated by civilizations that have done so before. In this regard, Russia and India stand quite close. They are two civilizations that have consistently forged meaning based on the synergy of cultures and other civilizations.

00:05:06 — They have not been known for ruthlessly and systematically destroying other cultures and civilizations. Formulating these new paradigms takes a long time; it involves shaping new people and new generations. In this regard, I agree with the previous speakers that we need plans for 10, 20 years, but also for 50, maybe even 100 years.

00:05:40 — Physical technologies are sufficient to drive development for 10-20 years, but they are not enough to develop people. Shaping a human being takes 25 years. In this sense, Russia has, of course, lost the powerful momentum it had at the beginning of the 20th century when the population of the Russian Empire was 160 million and India’s was 180 million.

00:06:10 — In 1880, Dmitry Ivanovich Mendeleev made the following prediction: for Russia to hold its ground by the end of the 20th century, its population should be about 600 million people. A hundred years have passed, Russia’s population barely reaches 150 million. We are in a state resembling a dying Western civilization, like ancient Rome, where women don’t give birth, don’t want to, there are no children—there is no one to create the next generation.

00:06:49 — India, in this respect, has undergone a rather successful civilizational transition. It now has almost 1.5 billion people, with a very young median age.

00:07:05 — It is one of the youngest civilizations in terms of its people. This creates immense potential for the future. We are very similar to this civilization.

00:07:20 — Although, when you talk to Indologists or Russians who have visited India, they say India feels very exotic to a Russian. They perceive not the whiteness and freshness you find in Russia after a snowfall, but rather the sand and that natural state where life thrives vibrantly in the streets, because it is, after all, tropical, subtropical, equatorial—it’s a profusion of life.

00:08:11 — And so, we find ourselves in this state of transition. By the way, it’s a good thing that Western civilization is preoccupied and doesn’t know what to do next, while still thinking of itself as the leader. This gives us a chance—a chance not to be consumed, not to be turned into a mere resource, but to use all our resources for the development of our civilizations and for humanity jointly.

00:08:46 — Therefore, by jointly developing these three types of technologies—which humanity has somewhat neglected, let’s say—with India and Russia,

00:08:59 — while continuing to develop physical technologies as well (energy, manufacturing), because without a material base, dreaming of the stars is difficult too (though possible), then we will secure a future. The future always exists; the question is, what kind?

00:09:29 — So, in a way, Russia and India are fortunate. It’s true what they say about the role of the individual in history: when a country is led by a leader who identifies with the country, associates themselves with its successes and its culture, then that country has a future.

00:09:57 — Accordingly, we see two countries led by two leaders who see this future and are ready to participate in it. And if we talk about opportunities, business strategies, and cultural strategies, we still have much to do, and that’s a good thing. But the most important task is to finally ask ourselves the questions from these three groups of technological challenges.

00:10:35 — Who are we? What are we? Why are we here? Where are we going? And I think that over the next, I would even say not 10-20, but 50-100 years, our civilizations will essentially become the foundation for formulating meaning for humanity, and perhaps we will manage to play a part in this.

00:11:03 — And along the way, we will produce everything necessary for it. Yes, right now we complain about our cars, we complain about our technologies, but I believe we will overcome this.

00:11:18 — We have thinking people, people who are ready to create existentially, to think existentially. The material aspects will follow. You don’t need many people to build things, but you need many people to think.

00:11:44 — Therefore, I propose and urge you: if you want to participate, there is much to be done, much to be created. The work is endless, and all the difficulties we encounter along the way exist solely so that, by overcoming them, we can create something new.

00:12:13 — I won’t cite numbers; many economic figures and GDP statistics have been mentioned here. Instead, I’ll mention a cultural peculiarity I sometimes talk about. It’s a bit phantasmagorical. Ajay said Indian culture is about 5-7 thousand years old. We in Russia know we currently live by the Gregorian calendar; before that, it was the Julian calendar; and before Peter I’s reform in 1700, we lived by the Old Slavic calendar.

00:12:58 — Well, according to that Old Slavic calendar—the one with the Vedas, the Magi, everything connected with the old Slavs, whom some call pagans—it is now the year 7533 since the Creation of the World in the Star Temple.

00:13:10 — The Old Slavic alphabet had about 148 characters, which included Sanskrit, Greek, and many other scripts. I mention this because our connection with the Hindus—however it happened seven and a half thousand years ago—is profound. In India, Hindus consider themselves Aryans, the Bharati are the tribe of Aryans, and the Old Slavs were also Aryans.

00:13:57 — Accordingly, in India, they consider us Aryans as well. And who do we consider ourselves to be? We consider ourselves Russian.

00:14:09 — ‘Russian’ is also a complex culture. Therefore, I would say that our two cultures and civilizations have a great future, and along the way, we will create everything we need. And within the Russian and Hindu traditions, we will find meaning for all of humanity and save them. Thank you very much.

Moderator:
00:14:36 — Thank you very much, Vladislav Vladimirovich.

Vladislav Gershkovich’s Answer to the Moderator’s Question

00:00:00 — As they say, I was asked not to speak about this, but I will say it anyway. In 1991, the country we loved, the Soviet Union, passed away. It had been ailing for a long time, but it finally faded into history. And, essentially by arrangement with our American colleagues, we very quickly buried everything that was dear to us and became a quite successful

00:00:34 — raw materials colony for the Western economy. We actually tried to do this four times. The 20th century was the most successful attempt; we were very successful at destroying our own science, our engineering schools (I’m talking about Russia), our cultural heritage, and it seemed to us that this was helping us become part of the Western world.

00:01:09 — Zbigniew Brzezinski wrote in his work The Grand Chessboard that if the West had implemented something akin to the Marshall Plan by 1993, Russia would have become part of Western civilization, just one more brick in the wall, like Germany, or who else did they castrate? Italy.

00:01:34 — It’s a good thing they failed, and by 1995 it was too late, and in principle, it’s still too late now. And the only thing preventing us from acting independently, let’s say—as many quite senior Indian managers from large corporations have complained to me—

00:01:59 — is this: “We can’t reach an agreement with the Russians; we don’t understand them. But if we inform our colleagues from JP Morgan or Goldman Sachs in London and New York, the Russians agree to everything by the next day.” This is a problem with our mindset: we are not entirely independent and don’t fully understand what we need ourselves, thinking in terms, let’s say, programmed by

00:02:28 — Western civilization, which tells us we are a service country, that only our resources are needed. If we recall Yegor Gaidar, and Chubais, and Kudrin, who said: “Why should we produce anything if we can sell oil and buy what we need? Airplanes, IT technologies, and so on.”

00:02:49 — And today, I feel a profound sense of gratitude towards our Western partners for forcibly disconnecting us from their system. Of course, we desperately want back in; it’s like an old, festering pain. But they are strenuously keeping us out. I am genuinely thankful to them and believe we should eventually erect a monument to them for this, because through sanctions and restrictions, they are forcing us to think for ourselves, they are forcing us to make independent decisions and to develop interaction with India.

00:03:30 — This, I would note, is our obvious, self-evident independent decision: that we can collaborate together. But everyone is right; despite the cultural differences between us, what unites us is precisely this Western-imposed code.

00:03:49 — And for us to enter the next era together, we need to remember who we are, why we are here—that is, who are we, the Russians? Because the Hindus, in a sense, also forgot at times, but they fought long for their culture, for their Hinduism. In the West, by the way, Modi’s party is called Hindu fascists. But the only thing fascist about them is the cross, the swastika, a symbol of the sun, which the fascists used.

00:04:21 — So, the possibility of working with India lies solely in our own minds. We can talk endlessly about its potential, but speaking of Hindus, I’ll say this: It is practically impossible to provoke aggression in a Hindu, except under very specific circumstances.

00:04:46 — If a Hindu cannot, for some reason, give you an answer or do something for you, he will simply disappear. You won’t find him. So, if you want something from him, you should tell him straight away: “It’s better if you just tell me you can’t, just tell me, but please don’t run away.” Because they have Eastern traditions; they want to satisfy you all the time, they want

00:04:59 — you to be happy. They want you to love them. Even when I was traveling around India and encountered crazy tuk-tuk and taxi drivers, my guide told me: “Listen, in India, if he drives fast, he wants to show you that he’s a professional, that he has the skill.” Why do they also talk fast and try to explain things? Because when they do something quickly, they feel they are demonstrating their professionalism to you.

00:05:43 — Therefore, when we understand their culture, we can move forward. When they understand our culture, we can move forward. So, we have a long journey ahead of understanding each other. And as everyone has rightly said, together we will make progress, but alone it will be difficult for us. Therefore, in a sense, we have no way out.

00:06:12 — So, thank you to our Western partners, thank you to our current situation, because it means we will finally start moving, and everything will be wonderful for us. Thank you.

Veronika Tulaeva

Researcher of Indian Philosophy and Culture

A Shared Civilizational Mission

Historical examples (Rome, Atlantis) demonstrate that civilizations perish when their spiritual and moral foundations crumble.
Russia and India are nations with strong spiritual values, making their alliance viable and meaningful, in contrast to a purely materialistic development model, which is doomed to fail.

Commonality of Fundamental Values
Despite external differences, a deep kinship in values exists between the two nations:

Honor and Dignity (evident in national epics and literature).
Inner Strength and Courage.
Strong Family and Traditional Values.
Natural Gender Roles: Both cultures value femininity in women and masculinity in men.
A Love for Beauty (particularly for vibrant attire and jewelry).

Similarities in Governance and Mentality

Multiculturalism: Both countries are multinational, multilingual, and multi-confessional.
Unity in Diversity: Despite internal diversity, they manage to maintain national unity, indicating a strong spiritual foundation.

Historical and Cultural Kinship

There is a profound connection on an intuitive level (a feeling of “being at home”) that many Russians experience in India.
The existence of shared linguistic roots (Sanskrit and Russian belong to the same language family) suggests a probable common origin and a kinship “at the level of one family.”

Mutual Interest and Resilience of Relations

There is a mutual cultural interest: Russia is drawn to Indian spirituality, food, and clothing, while India remembers and honors the USSR’s contribution to the victory over Nazism.
Indian society possesses an immunity to the Russophobia promoted by Western media, maintaining a warm and deeply respectful attitude towards Russia.

Key Conclusion: The future of human civilization is seen in the cooperation between Russia and India, founded not on transient gain, but on the solid bedrock of shared spiritual values and historical kinship.

Vasily Baykovskiy

Chairman of the Council for Digitalization and Artificial Intelligence Development, BRICS International Development Organization

Digital Platform for Cooperation:

A real-time system was presented that analyzes discussions and instantly generates structured conclusions.
The platform’s goal is to connect initiatives from across all 89 regions of Russia with opportunities and demand in India.
Key partner institutions: “Innopraktika,” “Skolkovo,” the Russian Direct Investment Fund, and “Invest India.”

Project Evaluation and Promotion:

The system creates a “reputation passport” for a project, assessing it against criteria relevant to the Indian market.
An accelerated (4-month) state assessment of a project’s intellectual capital has been implemented, simplifying the process of attracting Indian investors.

Promising Areas for Cooperation with India:

Creative Technologies: India’s readiness to pay for creativity and creative technologies was emphasized, including the entertainment and film industries.
Mental Health Technologies: Significant Indian interest was noted in solutions for combating digitalization-induced stress and burnout.
AR/VR Technologies: Particularly in education and medicine (e.g., for training welders).
Ecology and Waste Recycling: An example given was the deep processing of waste (e.g., chicken manure and sewage sludge) into valuable products (fertilizers, aquaculture feed, energy).

Key Challenges and Tasks:

Terminology and Meaning Problem: A comprehension barrier exists due to the polysemous nature of words (up to 12 meanings per word in Russian) and cultural differences. The task is to create “semantic convergence.”
Critical View of AI: A warning that AI can create “destructs” and chaos theory effects due to its superficial analysis of unverified information. A call to always verify AI-generated data.
Technological Sovereignty: The strategic goal is to transition from raw material exports to exporting high-tech products and creating proprietary technologies (chips, software).

Key Points from the Q&A Session:

Question: Regarding market potential and the volume of cooperation.
- Answer: The market volume for a creative product meeting key criteria (demand, patent potential, etc.) can be colossal and instantaneous (a “hype product”). A shift in mindset to “what not to do to make it work” is necessary.
Question (from a representative of the Indian Embassy): On technical tools for increasing imports from India to balance trade.
- Answer: A nationwide project is being launched to create an interactive map of advanced technologies. Special emphasis is placed on identifying and supporting private initiatives, which are often lost due to formal barriers. Technologies for deep waste recycling were cited as an example of a promising export direction to India.

Suren Vardanyan

Vice Chairman of the Foreign Economic Activity Council, Russian Chamber of Commerce and Industry; Senior Co-Chairman of the Investment Council under the Commissioner for Entrepreneurs’ Rights Protection of Moscow

1. Underutilized Resources and Foundation

A solid yet underappreciated foundation for cooperation, established during the Soviet era, exists. This includes thousands of Indian graduates from Soviet and Russian universities who have maintained ties and can serve as a “bridge” for business.
India is a grateful nation that remembers the assistance provided by the USSR, creating a uniquely positive historical context that distinguishes it from other partners.

2. The Critical Importance of “Soft” Factors: Culture, Education, and Personal Contacts

Culture and education are decisive for the success of economic cooperation. Without understanding a partner’s culture, history, and mentality, it is impossible to build long-term connections.
Personal human contact is an absolute necessity. This is characteristic not only of India but of the entire East. Business is built on trust and personal perception of a partner. Email correspondence or one-off trips are insufficient.
Friendship between peoples and individuals forms the basis for sustainable interaction between countries, which always have their own national interests.

3. The Need for a Realistic Approach and Promotion

A shift is needed from overly optimistic “cheerleading analysis” to a deep and realistic assessment of each other’s market strengths, weaknesses, and opportunities.
Russia significantly underestimates the need to promote its own image and brands in India. Without active work in this area, commercial success will be limited.
Paradoxically, sanctions have served as a stimulus for the development of Russian production, highlighting the importance of self-reliance and drawing strength from one’s own culture.

Sergei Grachev

Deputy Director of the Media Research and Analysis Directorate, Rossiya Segodnya Media Group

Active Expansion into the Indian Market

Over the past 3.5 years, a strategic pivot has been made towards the markets of the Global South, including India.
In 2022, the media group established a hub in India, launching broadcasts in English and Hindi.
Active engagement is underway with Indian journalists and politicians, and an agreement with a state-owned Indian television and radio broadcaster for nationwide terrestrial broadcasting is in its final stages.

Key Features of the Indian Media Market

Multilingualism: It is necessary to account for the fact that media outlets broadcast in two dozen languages, alongside the official Hindi and English.
Digital Growth: Unlike many countries where internet penetration has plateaued, this figure continues to grow steadily in India, providing access to a new, emerging digital audience.
Popularity of Social Networks: Young people primarily prefer to get their news from social media rather than traditional media outlets.
Strength of Print: Print media remains extremely popular (with an audience of up to 40%), which is unique for countries with a developed media sphere.

Requirements for Success: Content and Cooperation

Understanding the Audience: A key problem is the lack of understanding by Russian media of the actual interests of the Indian audience. The focus should be on:
- Non-violent interaction.
- Decolonization.
- Educational and sports topics.
Educational Initiatives: The “Sputnik PRO” project is being implemented to develop media literacy and provide professional retraining for journalists and students from the Global South, including India.
Lack of Contacts: Despite impressive growth on social media (e.g., a 1210% increase in followers), this is insufficient for a country of 1.5 billion people. Deeper direct interaction with Indian colleagues is required.

Promising Formats for Cooperation (Response to Moderator’s Question)

Joint Projects for Students and Professionals: Full support for the initiative to create joint educational programs and media products (podcasts, reports) for Russian and Indian students and journalists.

Internships: Such exchanges and joint work “in the field” broaden horizons and enable the creation of new, co-produced content that will be relevant to both audiences.

Rokhus Shokh

Executive Director of the Indian Business Development Center, Sberbank PJSC

The Core Problem and Sberbank’s Mission

Main Barrier: Despite record-breaking trade volumes, there remains a mutual lack of awareness of opportunities between Russian and Indian businesses. India’s share of Russian imports is only 1%.
Sberbank’s Role: To act as an “ally” and a single window for businesses on all matters related to India. The bank positions itself as an entity capable of handling the entire spectrum of tasks for companies from both countries.

Infrastructure and Personnel Capabilities

Scale of Presence: Employs approximately 500 staff in India and about 300 in Moscow specializing in the Indian market.
Institute of Country Managers: Every regional bank across Russia has a manager competent in handling business with India.

Products and Services for Business

Automated Settlements: Ensures uninterrupted and fast payments (up to 10 minutes) in rupees.
Lending: The bank provides loans in rupees (working capital and project finance) for terms of up to 8 years or more.
Transaction Security: Offers all major financial instruments, including letters of credit and hedging.
Partner Search: A dedicated Business Development unit helps Russian companies find Indian suppliers tailored to their specific needs.
Negotiation Support: The bank assists in overcoming the language barrier and provides support during negotiations.

New Initiatives and Solving Complex Challenges

Workforce Attraction: Sberbank, in partnership with others, offers end-to-end solutions for attracting young workers from India to address labor shortages in Russia.
Resolving Regulatory Issues: The bank successfully resolved the key problem of 2022-2023 – “stuck” rupee revenues – by actively engaging with the Indian regulator and proposing legitimate mechanisms for working with the Indian currency.

Business Dynamics and Growing Interest

Active Growth: The bank sees hundreds of new companies opening rupee accounts weekly, both in Russia and India.
Shift in Inquiries: Whereas businesses previously approached with problem cases, inquiries have now shifted towards seeking opportunities (“what to buy/sell”).

SME and Startup Engagement: Thanks to platforms like this forum and Sberbank’s proactivity, young companies and startups are also actively showing interest in India.

Pyotr Baranov

Corresponding Member of the Russian Academy of Arts

A Rich History and Enduring Tradition

The artistic dialogue between Russia and India has deep historical roots, beginning over 100 years ago with Nicholas Roerich.
Even during the Soviet period, despite the country’s general isolation, an exception was made for India: numerous Soviet artists undertook creative trips there, leaving behind a vast legacy of paintings, portraits (including lifetime portraits of Indira Gandhi), and sketches.
This tradition remains alive today, with contemporary Russian artists continuing to travel actively to India to create new works.

Contemporary Potential and New Opportunities

On the Indian side, there is significant and growing potential in the art industry. A telling development was the arrival of the international art fair Art Basel, which acquired a fair in Delhi and rebranded it as Art Basel Delhi.
This indicates a growing interest in India in collecting and global art, opening up new opportunities for promoting contemporary Russian art as well.

Academic Research and Promising Niches

The study of this shared artistic heritage is still underdeveloped. While research exists in niche areas (e.g., Buddhist art and architecture), there is a lack of comprehensive comparative studies on Russo-Indian culture.
A promising niche for collaboration has been identified: a comparative analysis of Buddhist architecture and art in Russia and India, including its contemporary manifestations. A dedicated conference is planned on this topic.

Proposals for Developing Cooperation

Openness to Exchange Exhibitions: The Russian Academy of Arts and the Union of Artists are prepared to organize exhibitions of Russian artists in India and would gladly host Indian art in their own venues.

Joint Exhibition Concept: Support was expressed for the idea of a joint exhibition showcasing the mutual perspectives of the two cultures on each other. Such an “inside view” (from artists working within the other country) could be particularly valuable, revealing new, non-obvious insights for perception, including for the business community.

Olga Kulikova

Business Ambassador of Delovaya Rossiya to India, Head of the India Committee of the Association of Importers and Exporters

Criticism of the Current Export Support Approach

The existing system for supporting Russian exporters (e.g., MEC, REC) provides “excessive hand-holding” for companies in the initial stages.
This results in companies being unprepared for competition and “giving up” when they encounter the harsh realities of the Indian market.
Instead of being “led by the hand,” programs are needed that focus on reducing production costs, enabling Russian companies to compete on price in the highly competitive Indian market.
The primary objective is not merely to help companies enter the market, but to help them establish a foothold and secure repeat contracts.

Cultural Code and Personal Relationships as the Foundation of Business

Despite some similarities, the cultural codes of Russia and India are vastly different.
Digitizing relationships is ineffective. Business with India is built on personal interaction and trust.
Until you become a “friend or close person” to your Indian partner, substantial, long-term business will not materialize.
Russian businessmen often underestimate the time required to build relationships. Attempting to visit 5 cities in 3 days is a recipe for failure. At least a week in a single city is needed to establish meaningful connections.

Key Cultural Differences and Recommendations

Openness vs. Reservedness: Indians ask many personal questions (about family, income), which is the norm and part of building rapport. Russian reserve in this regard is a barrier.
The Need for Cultural Immersion: For long-term success, a basic knowledge of Indian culture (e.g., the Ramayana) is necessary to understand partners’ mentality.
Education as the Key to Success: The speaker sees great value in educational programs (such as the “Eastern Perspective” at HSE) that help Russian entrepreneurs “re-wire their thinking” and understand the specifics of working with India.

Key Conclusion: Success in India requires not financial or administrative support, but a deep immersion in the culture, a willingness to build long-term personal relationships, and a fundamental revision of one’s business approach.

Nikita Ponomarenko

Director of the Laboratory, Autonomous Non-Profit Organization “Agency for Strategic Initiatives to Promote New Projects”; Deputy Dean of the Faculty of International Relations and Business, Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Academic Cooperation (RANEPA)

Scale: The Presidential Academy educates approximately 300,000 students, including 5,000 international students, a significant portion of whom are from India.
Cooperation Formats:
- Academic Mobility: Student exchanges (minimum 3 months) with universities such as Woxsen University, Jawaharlal Nehru University, and the Indian Institute of Foreign Trade.
- Dual Degree Programs: Programs enabling students to earn degrees from both a Russian and an Indian university.
- Joint Research: Conducted by faculty from both countries.

Business Education as a Driver of Cooperation

Pan-Asian MBA: A unique program in Russia focused on conducting business in the Asian region, with special attention given to India.
Practical Orientation: Participants not only study theory (strategy, finance, law) but also complete internships in India, visiting leading companies like Tata Group, Mahindra, and Indian Oil.
Networking: The programs provide direct access to a network of ~200 partners, helping participants immediately establish business connections and even open representative offices.

Technological Partnership (Agency for Strategic Initiatives)

Technological Sovereignty Model: An initiative for the deep integration of Russian and Indian technology chains.
Mechanism: Analyzing industries in both countries, identifying complementary technologies, and forming consortia of high-tech companies for joint work.
Priority Areas:
- Artificial Intelligence (including for autonomous unmanned systems in agriculture).
- Unmanned and Autonomous Systems.
- Energy.
Support: The project is actively supported by federal authorities (Ministry of Energy, Ministry of Digital Development, Ministry of Transport).

Answer to the moderator’s question on the most relevant technologies for India:

The primary focus of cooperation with India is on AI-based autonomous unmanned systems (agri-drones) for the agricultural sector.
There is also interest in neurotechnologies, particularly in rehabilitation products with export potential.

Summary of Q&A (Dmitry Piradev, Skoltech)

Question/Suggestion:

To deepen the strategic partnership, a working group or similar structure should be created to facilitate collaboration at the level of jointly creating and developing technologies, rather than just trading finished products.

Speaker’s Response:

The proposed Technological Sovereignty model from ASI already addresses this task, encompassing not just export/import but also the organization of technology transfers.

An open invitation for collaboration was extended to Skoltech as a key stakeholder in this field.

Natalya Guseva

Professor, Doctor of Social Sciences, Head of the “Eastern Perspective” Business Education Program Pool, National Research University Higher School of Economics (HSE)

Guiding Philosophy: From Export to Partnership

Successful business is built on trust, which in turn is the result of cultivated long-term relationships.
It is essential to move beyond the basic export model and develop more ambitious formats: direct investment and the creation of joint ventures.
The old model of competition (price wars in the resource market) does not work for non-commodity exports. We must learn to differentiate our products and compete with global players in the “Global East.”

The Solution: A Suite of Specialized Educational Programs

Program Goal: To turn the “Pivot to the East” from a slogan into reality by providing entrepreneurs with practical tools for entering markets like India.
A Two-Track Approach:
- For Russian Business: Programs teaching market entry strategies for India: market capacity analysis, competitive practices, and offer development.
- For Indian Business (Explore Russia): A program explaining the specifics of the Russian market (financial system, marketing), developed in collaboration with Sber.

Key Features and Advantages of the Methodology

Practical Expertise: The programs are based on knowledge from active business speakers and leading academic Indologists.
Value of Negative Experience: Case studies analyzing the errors and challenges companies have faced during market entry are considered particularly valuable.
Bilateral Dialogue: Involving experts from both Russia and India provides a complete picture and a realistic vision for business.
Structured Outcome: The training is aimed at developing a concrete business project, not just general ideas. This transforms a business mission into targeted work with a clear understanding of one’s value proposition.

Understanding Indian Business Culture

India represents a complex mix of Eastern culture, where trust-based relationships are crucial, and Anglo-Saxon business influence, which demands clear structure.

The key to success lies in combining investments in relationship-building with having a clearly defined, structured project with measurable results.

Mikhail Sneg

Director of Export Policy and Analysis, Russian Export Center

1. About the Russian Export Center (REC)

The REC is a state development institution part of the VEB.RF Group.
Key Mandate: Supporting non-commodity and non-energy exports, which have the highest multiplier effect for the economy.
The REC Group offers comprehensive support at all stages through its subsidiaries:
- EXIAR (exiar.ru): Export contract insurance.
- Roseximbank: Preferential and subsidized lending.
- REC Export School: Educational products and webinars, including on the specifics of the Indian market.

2. Potential for Cooperation with India

Historical and Civilizational Foundation: A powerful base established in the 20th century and shared cultural roots create a solid context for interaction.
Specific Niches: Huge potential for Russian IT solutions and smart city technologies against the backdrop of India’s active urbanization.
Support Volume: In 2025, the REC supported about 1,000 companies in their work with India, totaling approximately $0.5 billion.
Low Base: Non-commodity exports constitute only ~1/10 of total trade, opening opportunities for manifold growth (doubling, tripling).

3. India’s Competitive Advantage and How to Leverage It

India is a global leader in IT services exports due to a combination of competitive labor costs and strong English language proficiency.
Russian companies can use India not only for the local market but also as a springboard for expansion into third-country markets.
Creating joint projects that combine Russian IT expertise with Indian outsourcing capabilities is a promising avenue.

4. Key Challenges and Barriers (“The Glass Half Empty”)

Cultural and Business Specifics: A strong tendency for Indian business to work with fellow nationals. The absence of a large and influential Indian diaspora in Russia, which acts as a “human glue” in trade with the West.
Indian Protectionism: The country pursues a strict import substitution policy. Its weighted average import tariffs are among the highest in the world (35% for agriculture, 13% for industrial goods), making direct exports of finished products nearly impossible.
Structural Trade Imbalance: The ratio of Russian exports to imports is estimated at 1 to 9. There are few Indian goods on Russian shelves (except for pharmaceuticals), creating a problem of rupee accumulation and complicating settlements in national currencies.

5. Solutions and Tools from the REC

Direct Contact in India: The REC’s representative office in Mumbai is operational and expanding; you can contact it directly.
Facilitating Interaction: The REC assists with participation in exhibitions (e.g., Smart Cities India), organizing business missions and “reverse” missions (bringing Indian buyers to Russia).

Strategic Conclusion: To succeed in the Indian market, it is necessary to abandon the simple sales model and transition to formats involving joint ventures, cooperation, and production localization.

Maksim Chistyakov

President of the Eurasian Business Association

Expanding Cooperation Formats: From Bilateral to Eurasian

Beyond bilateral relations, the Eurasian format within the concept of the “Greater Eurasian Partnership” is a promising avenue.
A key practical task is concluding a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India, which would provide significant preferences for businesses.
To advance this idea, an annual interregional forum, the “Greater Eurasian Partnership,” is planned (April 2026), which will include sector-specific and trade-economic sections.

Infrastructure and Digital Projects

The North-South Transport Corridor: Active work is underway, particularly on the construction of the key Resht-Astara section. Its completion (within 3 years) will establish direct freight connectivity from St. Petersburg to India via the Caspian Sea.
Digital Partner-Matching Platform: An initiative to create a comprehensive digital platform with integrated AI is being developed. Its goal is to simplify and accelerate the search for business partners among entrepreneurs from Russia, EAEU countries, and India, addressing the problem of low awareness even within a single country.

State and Financial Support Measures

To promote projects, intergovernmental commissions and administrative resources must be utilized more actively.
A wide range of financial instruments is available: subsidized interest rates on export loans, guarantee support, and the services of EXIAR.
For large-scale projects, institutions like Roseximbank and VEB.RF are involved.

Communication and Practical Work in the Indian Market

Communication support is provided through the channels of Russian trade missions and representatives of the Russian Export Center abroad.
A key operating principle is an individual approach to each entrepreneur, depending on the specifics of their product.

Thorough preparation of business missions is critically important. Instead of “introductory” trips, missions are needed where Russian companies already know their potential Indian partners in advance and are prepared to sign contracts. The primary success criterion is the number of deals closed.

Kirill Kosminskiy

General Director of Spec Investment, Executive Director of the Association of Digital Financial Platforms

00:00:02 — Dear colleagues, it’s a pleasure to see you all, and to recognize so many familiar faces. Our company, Spec Investment, works with our partners at Spec Finance in India. We maintain a significant presence at the flagship International Financial Services Centre (IFSC), located in the state of Gujarat. This is a special zone dedicated to conducting financial business. Our Indian colleagues have expressed a strong desire to learn more about and understand the opportunities in Russia, to establish partnerships, and to develop joint projects so we can strengthen one another.

00:00:35 — Personally, I have experience working in sectors such as public administration, non-profit organizations, and the financial sector. And as part of the Spec Group of Companies, we are at the forefront of the growth and demand we are witnessing, which is based on network technologies. This refers to technologies for mutual communication, leveraging the institutions and associations that are already in place. On the Russian side, we see the Russia-India Chamber, a co-organizer of today’s event, as a platform for communication on two levels.

00:01:06 — The first level is to assist those who were already working effectively before us. The starting positions here are very strong. We will contribute our technological expertise, resources, and analytical capabilities, as mentioned earlier by Alexey Krylovsky. The second level is to add new dimensions in sectors such as fintech, cybersecurity, blockchain, biotechnology, and so on.

00:01:28 — Such a platform and our efforts, I believe, will bring our countries much closer together, benefiting startups, innovations, accelerators, and existing ecosystems. What does this mean in practice? Lower costs and faster implementation timelines lead to increased mutual competitiveness in global markets. For instance, supply chains for building aircraft and ships require incorporation services, investment, treasury services, and logistical routes require insurance.

00:01:58 — I also want to provide more impetus for cooperation in the media sphere and in content creation for culture, theatre, and other areas. The diplomatic and political relations between our two leaders are very strong and arguably the most friendly. Thus, we are serving these highly positive relations by contributing our knowledge, resources, and know-how—first to help formulate new horizons (which is the name of our forum), and then to realize them.

00:02:24 — Thank you all for coming and for your participation. Let’s work together to realize both strategic goals and practical outcomes in the specific niches and industries where you operate. Thank you very much for your attention.

Ilya Spektor

Senior Researcher, Institute of Asian and African Studies, Moscow State University; Author of the “Pith Helmet” Telegram channel

Main Thesis: India is a country of rapid transformation, and our stereotypes are a hindrance

It is incorrect to perceive India as a static country. A historical example: in the 60 years of the 19th century, India transformed from a nation that did not drink tea into the world’s largest exporter and consumer of tea, making it a part of its national identity.
Existing stereotypes (both positive and negative) hinder our ability to adequately assess India’s future role and build long-term strategies.

Key trends that will transform India in 10-20 years

Urbanization: India will become a predominantly urban country.
An Aging Population: The birth rate is falling, and the country will become “somewhat older,” debunking the stereotype of an eternally young India.
Rising Consumption: A radical shift in consumer behavior will occur, analogous to China in the early 21st century. This opens up huge opportunities for new goods and services.

Problem: The disconnect between academia and business

Russia has strong schools of Oriental and Indological studies (e.g., at Moscow State University, MGIMO, St. Petersburg State University) that train specialists with a deep knowledge of India’s history, culture, and languages.
However, this system was created in the Soviet era to train diplomats and journalists and operates in parallel to the business community.
As a result, most Indology graduates do not pursue careers working with India in a business context, and their expertise remains underutilized.

Proposed solutions (suggested by the speaker and moderator)

It is necessary to establish close cooperation between the academic world and business for mutual benefit.
The speaker sees a need for more graduates to enter business projects focused on India.
The moderator suggests that Oriental studies scholars should take the initiative: create practical guides and materials—digests on culture, mentality, and business practices—that would be useful for businesses. This would help the business community see the value of their knowledge.

The speaker agrees that the problem is two-sided: the academic environment is conservative, while businesses are unaware of its potential. Platforms like this forum are needed to bridge this gap.

Artur Leer

Vice President of the Association of Exporters and Importers (AEI)

Positive Dynamics and Growth Drivers

There has been a colossal increase in bilateral trade (approximately sixfold), indicating highly positive momentum.
While growth began in the energy and raw materials sectors, it is gradually expanding into non-commodity sectors, a key indicator of the depth of the trade relationship.
Russian businesses are increasingly viewing India as a promising market for exports, risk hedging, and imports.

Resolving Key Operational Challenges

Cross-Border Payments: The major challenges of 2022-2023 (accumulation of rupees) were overcome through high-level interventions. Sberbank is a key player, not only facilitating payments but also offering advanced services for partner-matching and localization support.
Logistics: Issues with physical supply chains have largely been resolved, although pressure from unfriendly nations continues to create new challenges.
The Future of Settlements: Settlements in digital currencies (like the Digital Ruble) are seen as a promising avenue. Creating a unified digital platform for BRICS countries is viewed as a more realistic scenario than introducing a single supranational currency.

Cultural and Communication Aspects (“Soft Power”)

The foundation for deepening relations is “soft power”: the exchange of educational programs and cultural values, which directly contributes to the growth of trade.
To bridge differences in mentality and resolve conflicts, the “Russia-India” mediation center has been established, helping entrepreneurs from both countries find mutual understanding.

Barriers and Solutions for Mutual Market Entry

What prevents Indian companies from entering the Russian market?
- The main reason is concerns about transaction security. They require a reliable guide (a trading house or partner) for a “soft” entry.
- A negative information environment and myths about Russia (e.g., complex administrative barriers), often perpetuated in Indian media.
- Solution: Proactive marketing and informational outreach at all levels (Government-to-Government, Business-to-Business, associations), along with participation in exhibitions to dispel myths and demonstrate that many processes in Russia are now digitalized and simplified.
What prevents Russian companies from entering the Indian market?
- A lack of a long-term strategy. You cannot “kick the door down”; it requires phased, well-considered actions.
- A geographical over-concentration on China. Regional businesses and authorities often focus solely on China, overlooking the potential of India and Southeast Asian nations.

The absence of a professional team. Success requires a team of professionals who understand the market’s specifics and know how to work with Indian partners.

Artem Petrush

Head of the Export Development Department, Moscow Export Center (MEC)

About the Moscow Export Center (MEC)

The MEC is a regional export development institution for the City of Moscow, operating within a two-tier support system (federal level – the Russian Export Center; regional level – centers like the MEC).
Goal: To assist businesses in entering international markets, promote export activities, and increase companies’ foreign currency earnings.
Eligibility for Support: Companies must be registered in Moscow, operational for over 6 months, free of major debts, and have the desire to enter foreign markets.

The Problem: Low Participation in Non-Commodity Exports

Despite its status as the capital, Moscow has only about 16,000 exporting companies.
When commodity and energy sectors are excluded from this statistic, the numbers become very modest.
This highlights the acute need for the work of development institutions like the MEC.

Three Key Support Areas from the MEC

Block 1: Educational (“The Market”)
- Moscow Export School: Webinars and seminars on logistics, payments, and finding buyers.
- Export Accelerator (in partnership with Skolkovo): A popular program for which the MEC provides up to 85% co-financing.
Block 2: Sales and Promotion Support (The most attractive)
- Participation in International Exhibitions: The MEC organizes collective stands for 20-30 companies.
  - India Example: Planned participation in the Smart Cities India (March) and Bengaluru Tech Summit (November) exhibitions. Participation is free for companies (the MEC covers space rental, stand construction, and B2B meeting organization).
- Placement on foreign trading platforms and in retail chains.
- Network of “Export Ambassadors”: 9 trade representatives in various countries (Russian citizens living abroad) who assist with market analysis and establishing contacts. There is currently no representative in India, but one is planned for appointment.
Block 3: Financial Support
- Pre-export financing at preferential rates: Loans of up to 100 million rubles at 10-25% interest for working capital.
- Export Grant: A non-repayable payment of 10-20% of the foreign currency revenue received (capped at 10 million rubles). The funds are non-purpose, and no reporting is required.

Answer: Which Russian Non-Commodity Goods are Popular for Export?

Traditionally Strong Categories: Fast-Moving Consumer Goods (FMCG) – cosmetics (sold worldwide) and food products (more challenging due to differing tastes and storage requirements).
Success Stories: Despite the challenges, there are examples of successful entry into the Indian market. Russian chocolate was separately noted for its success abroad.
Barriers and Growth Potential with India:
- Barriers: Lack of a shared border, cultural, linguistic, and religious differences, logistics, and India’s strict protectionist policies.
- Potential: The countries are like “two large magnets”; to activate trade, they need a Free Trade Agreement (FTA) to help reduce tariff barriers.

Answer: Is it worth launching a joint project tentatively titled “Made in Russia and India” to promote products resulting from the mutual work of the two countries?

Assessment of Prospects: The idea is recognized as having merit. A successful analogy cited was the recent launch of the “India Friendly” project by the Russian Quality System, designed to promote goods and services tailored for tourists from India.

Final Conclusion: This approach appears promising, and its implementation should be developed further by joining forces with the relevant specialized departments.

Arseniy Tarusov

Deputy General Director of the Association of ‘National Champions’ Rapidly Growing Technology Companies

Shifting the Economic Paradigm: From Import Substitution to Export

The period of rapid growth fueled by filling the voids left by departed foreign companies is coming to an end.
The natural and necessary next step for Russian companies is export, particularly of high-tech products.
India has been identified as one of the top 5 most promising countries for such exports.

Building an Infrastructure for Cooperation

To realize this potential, the Russian-Indian Council for Science and Technology (an NPO) was established.
The organization’s goal is to unite scientists, entrepreneurs, and policymakers from both countries to facilitate cooperation.

Key Mistakes and Barriers in Entering the Indian Market (and How to Overcome Them)
The speaker outlined three fundamental rules that Russian companies often ignore:

Not Selling, but Adapting: You cannot simply show up and sell an existing product. It must be customized for the specific needs and characteristics of the Indian market.
Abandoning the Russian Brand (White Label): In 90% of cases, success requires forgoing Russian branding and operating under a white-label model to minimize risks for Indian partners.
The Imperative of a Local Partner: Entering the market “off the street” is virtually impossible. It is essential to work through joint ventures or distributor agreements.

New Opportunities in a Changing World

An ideological common ground has been discovered with top-tier Indian experts (from think tanks at the level of federal ministries).
The Indian side openly discusses a multipolar world, the rejection of double standards, and a transition away from Western certification systems.
This creates a new, favorable environment for a strategic partnership that extends beyond pure economics.

Practical Steps and the Correct Mindset

To operate in India, the “Innopraktika Hub” was created—a commercial company that assists Russian tech firms in entering the market.
There are already initial successes (e.g., a drone show by Geoscan), but the path is acknowledged to be difficult and long.
A Paradigm Shift in Thinking is Required:
- It is necessary to abandon a “victim” mentality (“we are being wronged”) and to act from the position of a great power, equal to India.
- The main principle: do not compromise partners. The Russian side must proactively propose operational models (e.g., within joint ventures) that protect Indian partners from the risks of secondary sanctions.

Answer to the Question: “Which Product Will Be Successful?”

There is no universal answer. The product must be needed and undergo thorough market analysis.
The focus should not be on “everything,” but on areas of Russia’s historical technological strength: computer vision, specific niches in AI, hardware, marine technologies, etc.

The key is to extract a specific, strong technology from the overall stack and offer it to address a concrete need of the Indian market.

Aleksey Krylovskiy

President of AV Group, Head of the Council of Strategists and Think Tank of the “Choose Local” Federal Party Project, United Russia; Candidate of Economic Sciences

1. Economic Weight of BRICS+ and Historical Context

The combined economies of BRICS+ account for 41% of the global economy. The original BRICS bloc alone represents 29.7% of global GDP, significantly surpassing the G7’s share of 30.4%.
This is not a new phenomenon: a thousand years ago, India, China, and Russia were already leading players in the global economy. Their current growth represents a “return” to leading positions following the West’s temporary dominance during the industrial era.

2. Russia and India: Growth Dynamics and Current Standing

India: The world’s 3rd largest economy by GDP (PPP), having grown 43% since 2017. Its nominal GDP is $3.9 trillion (5th largest globally).
Russia: The world’s 4th largest economy by GDP (PPP), with 16% growth since 2017. Its nominal GDP is $2.2 trillion (11th largest globally).
GDP per capita (PPP) highlights the developmental difference: Russia’s is ~$47,000, while India’s is ~$11,000.

3. Mutual Trade: Current Success and Untapped Potential

For India, Russia is its 4th largest overall trade partner and the 2nd largest source of imports ($65 billion), second only to China.
For Russia, India is its 5th largest import partner, but it does not rank among Russia’s top 10 export destinations, indicating significant untapped potential.
Russian exports are dominated by fuel and mineral products (growing from $2.1 billion in 2017 to $58 billion), oils, fertilizers, and precious metals.
A key objective is to move beyond the commodity-based model and enhance cooperation in technology, creative industries, and processing.

4. Ambitious Long-Term Development Strategies

India (Viksit Bharat Strategy until 2047):
- Goal: To grow its economy from $3.7 trillion to $23–34 trillion (a 6 to 9-fold increase).
- Growth Rate: Targeting 7–10% annually.
- Key Drivers: Digital transformation, infrastructure (construction of 10+ megacities), education, healthcare, and the technology sector (aiming to become the world’s 2nd largest startup ecosystem).
Russia (National Goals until 2030 and Vision to 2050):
- Framework: 7 national goals, including technological leadership, digital transformation, increased prosperity, and human capital development.
- Implementation: Executed through 19+ national projects with a budget of approximately ~60 trillion rubles.
- 2050 Vision: To establish Russia as a great industrial and technological power, a leader and guarantor of a multipolar world.

5. The Need for Stronger Positioning and Ambition

Despite leaders’ statements on strategic partnership, many analytical centers do not list Russia among India’s priority partners.
To realize its ambitions, Russia needs a GDP growth rate exceeding 7.6% (reaching up to 9% in certain phases), which is comparable to the historical achievements of the USSR (13.8% from 1929–1955) and India’s current growth rates.
Achieving these goals is possible by focusing on human capital, technology, and deepening engagement with BRICS+ partners, primarily India.

Key Conclusion: The Russia-India partnership within the BRICS+ framework holds colossal potential. Realizing it requires a transition from commodity trade to technological and investment cooperation, coupled with more active efforts to promote Russia’s opportunities in the Indian market.

Aleksey Krylovskiy’s Answer to the Moderator’s Question

India’s Ambitious Goal: The country’s economy aims to grow from several trillion dollars to a figure exceeding $30 trillion over the next 25 years.
The Priority of Technological Partnership: As part of this growth, India will actively and purposefully seek partnership and joint projects with Russia, particularly in the technology sector.
The Reason for the Shift in Focus: Unlike resource-based cooperation, which has its limits and established markets, technology products hold the greatest potential for growth and development.

Ajay Kandimalla

Russian Indian Chamber for Scientific, Cultural, and Commercial Collaboration

Personal Experience and Historical Context:

Ajay Kandimalla is a graduate of a Soviet university who has lived and worked in Russia since the 1980s.
He is a pioneer in Russian-Indian business cooperation, having established Russia’s first joint venture for pharmaceutical production and a factory for AvtoVAZ.
His personal experience has convinced him of the immense value of conscientious and mutually respectful partnerships between the two countries.

The Need to Modernize the Format of Cooperation:

Historically, relations were built in traditional spheres like machine building, defense, and pharmaceuticals.
The world has changed dramatically over the last 30 years, and the existing goodwill between our nations should not become a “static phenomenon” or a “museum exhibit.”
It must be reinvigorated with new ideas and impulses to pass the baton to the younger generation.

Four Key Areas for Developing Relations:

Investments: As a fast-growing economy, India has already invested over $25 billion in Russia (in energy, fertilizers). This direction needs to be actively developed further.
Joint Production: Leverage the formula of “Russian technology + Indian manufacturing.” This provides access not only to the vast Indian market but also to markets in the Middle East, Asia, and Africa. Examples include machine building, medical equipment, and cosmetics.
Youth and Startup Collaboration: Create joint platforms (incubators, startup hubs) for talented young people from both countries to collaborate on creating new technologies and businesses together.
Capital Attraction: Russian private capital should more actively engage with the huge and promising Indian stock market.

Concluding Call to Action:

The primary task is to prevent historical trust from becoming merely a nostalgic memory, but to actively build upon it with new, concrete actions.

As someone who knows both countries intimately, the speaker is ready to share his experience and provide pro bono consultation to achieve this goal.

Key Points of the Answer:

Description of the Current Situation: While labor migrants are actively coming to Russia, they are primarily employed in low-skilled sectors such as manufacturing and construction.

Untapped Potential: The author highlights a discrepancy: India is globally recognized as a leader in the IT and digital technology sector, exporting hundreds of billions of dollars worth of software.

Specific Proposal: Instead of focusing solely on labor migrants, there should be a targeted effort to attract highly qualified Indian IT specialists to Russia. These professionals are capable of creating world-class technology companies and products, similar to their successful roles in companies like Google and Microsoft.

Supporting Argument: The Russian market, including the banking sector, already utilizes Indian IT solutions, demonstrating the competence and demand for such talent.

Key Conclusion: Cooperation in high technology and the attraction of qualified IT specialists, rather than just labor migrants, is the foundation for the future development and strengthening of relations between Russia and India.

Ajay Goyal

Director of Investment Banking, Spec Finance Group, India

Speaker:
00:00:01 — Dear friends, we are meeting at a moment of both profound sorrow and great optimism. Just one week ago, terrorists struck at the very heart of India, in Delhi. Innocent people lost their lives, and many are still fighting for theirs. I wish to express my deepest condolences to all peace-loving people, and I am confident that India’s leadership will respond firmly and decisively to those who choose the path of terror.

00:00:51 — And yet, despite the pain, we live today in an era of immense positive change. This is a rare time when we can look to the future not just with hope, but with confident optimism.

00:01:18 — India is not a new country, but an ancient civilization that was once at the pinnacle of the global economy. For hundreds of years, from the first century to the seventeenth century, India’s contribution to global GDP is estimated to have been around 25-30%.

00:01:45 — Then came invasions, destruction, colonial plunder, and the siphoning of wealth, which in modern equivalent amounts to tens of trillions of dollars. By the end of the colonial era, a country that once accounted for a third of the world’s GDP was left poor and dependent.

00:02:17 — Why is it important to remember this in 2025? Because the current rise is not a miracle appearing out of nowhere. It is a return to the natural scale of a civilization that is rising to its full stature once again. Why should we speak of this in Moscow?

00:02:44 — Because Russia, the Soviet Union, played an important supporting role in the initial industrialization of India after the departure of the British colonial masters. This historic partnership has been strengthened under the leadership of Prime Minister Modi and President Putin.

00:03:13 — Now we are ready to open new horizons, which is the theme of today’s forum. For the last 11 years, India has, for the first time in a long while, had not only strong but also consistent leadership focused on development.

00:03:38 — Prime Minister Narendra Modi has done a rare thing. He has turned the delivery of promises into a habit. Domestically, this era is increasingly associated with the concept of Viksit Bharat 2047—a Developed India by the 100th anniversary of its independence. Many ask: is this merely a political slogan, or is it a realistic scenario?

00:04:12 — And the main question is: is a great Indian economic revival possible? The answer is: yes. Not only is it possible, it is real and it has already begun. In just one decade, we see the country building infrastructure at a record pace, attracting unprecedented foreign direct investment, scaling up its digital infrastructure and ecosystem, putting banking in every phone and a phone in the hands of a billion people.

00:05:00 — It is no surprise that independent forecasts increasingly state that India will become the world’s third-largest economy in the coming years, and potentially the second by mid-century. Above all, this means the emergence of a vast, dynamic partner for Russia and for the world, a partner with whom Russia has long shared a bond of trust.

00:05:30 — From missiles to movies, from student exchanges to yoga, there have long been quiet yet strong human connections flowing between our societies. A Developed India in 2047 will become a reality, and the process of realizing this mission will be one of the most remarkable historical, economic, and civilizational revivals in human history.

00:06:06 — Let me say one thing in Hindi; there is a song that goes like this: ‘Bharat Ka Rahnewala Hoon’. This song speaks of India with great pride. And this is a very realistic scenario. Thousands of years ago, Indian sailors and merchants brought the stories of Rama and Buddha to Cambodia, Thailand, and Indonesia.

00:06:41 — The story of Rama, honor, and dignity became part of the DNA of many civilizations. Indian crafts and art reached ancient Rome. India’s wealth was so great that nearly all the bandits on earth set their sights on India. India has been invaded countless times.

00:07:10 — By the Persians, Greeks, Huns, Arabs, Turks, Mongols, various Europeans—Portuguese, French, and finally, the British. After a thousand years of violence, occupation, and plunder, India not only survived but began to thrive.

00:07:36 — Thousands of years later, Indian civilization has come full circle, from greatness to greatness. It is now led by a noble leader. He has a vision spanning a thousand years. And he has set India on a path of irreversible growth and development. As he says, India can no longer be stopped.

00:08:05 — What is important? It is that India seeks to grow and develop, as Russians often have, through cooperation, collaboration, and mutually respectful relations in science and culture. Our culture, like Russia’s, is based on giving, exchange, honor, dignity, and respect.

00:08:36 — In terms of real business—a topic that concerns you—this means you will participate in the joint production of thousands of civilian aircraft that will directly connect dozens of cities in India and Russia. Jointly built Indian and Russian ships will ply routes to the Far East, the Black Sea region, and the Arctic.

00:09:14 — Indian and Russian researchers will jointly unlock the secrets of space. Together, they will train millions of engineers, who are in critically short supply in the West today. Vladislav Vladimirovich often tells me that the future belongs to those who have the engineers.

00:09:45 — What will this future be like? What can we expect? For a thousand years, the world has been shaped by conflict and struggle, racial hatred, colonization, and fascism. But a new era is dawning. The great civilizations of the East and the South—India, China, Russia—now have the capacity to defend their sovereignty.

00:10:17 — This means there will be no need to worry about war, constant plunder, or fighting against colonial masters. All that will come to an end, and an era of development through joint activity, cooperation, and collaboration will begin. I don’t think there will be any dispute about who will be the Vishwaguru; it will be a great teacher.

00:10:56 — This is a 5,000 to 7,000-year-old civilization that was the first to give the world the idea of coexisting in harmony with nature and with one another.

00:11:10 — In the very near future, thanks to scientific and technological cooperation between India and Russia, between our great nations—when everything will be built by our engineers and scientists, when all diseases will be treated with medicine developed using artificial intelligence, when the world has unlimited energy and quantum computing—then all that will remain is to create, to dance, to paint, and to develop one’s human potential.

00:12:01 — This is the future. If it seems like a fairy tale, like fantasy, let me tell you, it is not. This will be realized within the next 25-30 years. But to achieve this, the most important thing is the cooperation and partnership of great civilizations and nations like Russia and India.

00:12:31 — Thank you.

Moderator:
00:12:32 — Thank you for the applause for Ajay Goyal, writer, entrepreneur, founder of 14 companies across 9 countries, and a leader of the Indian diaspora. We thank you.

Ajay Goyal’s Answer to the Moderator’s Question

Moderator:
00:00:00 — Ajay, the question remains the same. What do we need? You spoke about joint ventures. What is preventing an increase in mutual investments, and why are we still not leveraging the potential of Indian graduates from Russian and Soviet universities?

Speaker:
00:00:21 — Because the old models no longer work. Nobody buys a Lada of the 5th or 7th model anymore. We live in a new economy with new rules and immense innovation. Therefore, developing our relationship requires completely new models of cooperation.

00:00:47 — There was talk here about what can be exported from Moscow to India. Nothing needs to be exported in that old sense. Why? Take Moscow’s designs, establish production in India, and open up a market for yourself of 3-4 billion consumers. America doesn’t manufacture much itself, yet it’s a global leader in many sectors.

00:01:16 — Apple doesn’t manufacture anything in America. Everyone still buys the iPhone. So, we need to think about the advantages of Russian technology, economy, and innovation. Those very innovative products—and Russia has many—in design, architecture, software, fintech, and applications.

00:01:46 — Develop them here. Then, process and manufacture them in India, set up marketing and distribution hubs in India, and first tap into the Indian market. Then, target Asian, African, and if needed, European and American markets. Therefore, cooperation should be structured around identifying who has which advantage.

00:02:15 — Not everyone needs to do everything, just like the Americans. American football is a good analogy. Everyone has their own role. Similarly, India and Russia should have their respective roles. India is a country that can scale Russian ideas. Secondly, of course, we need a new generation that understands each other.

00:02:44 — The language barrier must be removed. We need to create video linkups. I remember the first US-Russia video linkup in 1989. I met Steve Jobs when the first linkup was created. Now, everyone holds a 5G device in their hand, yet there is no real connection between India and Russia.

00:03:13 — What’s stopping us from opening numerous universities where Indian students can study the Russian language and Russian literature? Not in English, but in 30 Indian languages. Likewise, Indian literature should be read in Russia. In 1984, my father bought me a set of Russian classics.

00:03:45 — I still remember, I was 14 years old. The first one I read was And Quiet Flows the Don. I cried while reading it. But now, you can’t find a single Russian classic in India. And if you do find one somewhere in New Delhi, they are translated by Americans or the British.

00:04:11 — So, there are no real barriers; our hearts are open. Our leaders have repeatedly stated: we must open everything up, have more students, more universities, more scientific collaboration. Now we need doers, business leaders. And Vladislav Vladimirovich told me from day one: we must develop social contacts, civilizational contacts, scientific, and technological contacts.

00:04:47 — And we need to do this not on a five-year plan, but on a five-day plan, because we have all the tools, all the technology, all the applications, and all the opportunities to conceive an idea today and implement it next week.

Moderator:
00:05:06 — Thank you, Ajay.

Russia–India Business Forum in Delhi: Strategic Allies Open a New Chapter in Trade

Russia’s Clear Message: “We’re Here for Indian Goods”

Priority Sectors for Breakthrough Collaboration

Building Institutional Foundations for the Future

What This Means for Indian Business

You May Also Like

The Rupee-Ruble Corridor: Russia Builds a Financial Bridge to India

Russia’s Island Region Charts Path from Energy Hub to Innovation Center

Join Us

Office

Links

Task Force