3 Reasons How PM's visit to Russian Far East Can Benefit India
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To uplift the country's economy, the Central government has been taking various measures including liberalizing the FDI norms, consolidating the banks and recapitalizing the firms. Adding into it, PM Modi and his cabinet ministers have visited several countries in purpose to inrush capital through official agreements and bilateral trade relations.
Recently, with respect to his visit to the Russian Far East, PM Modi stated that India and Russia are keen to diversify and further strengthen bilateral ties which are focused on various grounds.
PM said “I look forward to discussing with my friend President Putin the entire gamut of our bilateral partnership as well as regional and international issues of mutual interest."
Reasons which can benefit Indian economy through PM’s visit
According to the records, Russia has been in trade relations with India since many years. Russia has mentioned to cooperate with India in ‘Make In India’ projects which include various business managing country’s economy.
In the year 2018-19, trade figures between India and Russia stood at 8.3 Billion Dollars. In a recent meeting, commerce ministry told that targeting the priority sectors, these figures will meet the bilateral trade target of 30 Billion Dollars by the year 2025. PM Visit to Vladivostok would help in achieving the figures so as to bring the capital influx.
On the Defense grounds, India and Russia have been together since long. PM mentioned in his statement about cooperating extensively in the strategic fields of defense with Russia. By bringing in the defense capital, nation can manage the domestic capital which in return will boost the economy figures. Along with the defense, sectors like civil nuclear energy and space are also in the list.
“Our two countries enjoy excellent relations, based on the strong foundation of our special and privileged strategic partnership. Both countries cooperate extensively in the strategic fields of defense, civil nuclear energy and peaceful uses of space” said PM Modi.
Eastern Economic Forum Meet
Another component of the PM's visit is to attend Fifth Eastern Economic Forum as a Chief Guest. At the forum, he will meet global leaders and interact with them for polishing the business ties. This forum would help Modi to connect with Indian industry and its business representatives to enhance entrepreneurships and its ties in India. This Forum will target the development of Investment in the Russian Far East and to establish robust business cooperation between India and Russia.