Russian Deputy PM Denis Manturov’s Visit to India – Russian First Deputy Prime Minister Denis Manturov visited India from November 10 to 12, 2024, to discuss expanding India-Russia trade, investment, and strategic cooperation. During his visit, Manturov co-chaired the 25th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) with India’s External Affairs Minister, Dr. S. Jaishankar. This session emphasized boosting trade to achieve a bilateral target of USD 100 billion by 2030.
India-Russia Inter-Governmental Commission on Trade and Cooperation (IRIGC-TEC)
The IRIGC-TEC session, established under a 1992 agreement, serves as the primary framework for bilateral collaboration across 14 working groups and 6 sub-groups. Key discussions during the 25th session covered:
- Trade and Investment: Emphasis on finalizing the Programme of Economic Cooperation 2030 to boost bilateral trade.
- Technology and Innovation: Exploring collaborations in IT, science, and technology.
- Energy: Cooperation in nuclear and hydrocarbon sectors to deepen energy ties.
- Cultural and Educational Exchange: Enhancing mutual understanding through educational initiatives and cultural exchanges.
Both leaders expressed satisfaction with ongoing cooperation and agreed to expedite initiatives to broaden economic engagement.
India-Russia Business Forum in Mumbai
On November 11, 2024, a Business Forum was held in Mumbai, jointly led by Manturov and Dr. Jaishankar, with a focus on promoting investments and addressing trade imbalances. India’s imports from Russia significantly outweigh its exports, largely due to crude oil imports. The forum also discussed opportunities for India to increase its exports to Russia in fields like machinery, pharmaceuticals, and organic chemicals.
Key Figures in India-Russia Trade
| Year | Total Trade | Indian Imports | Indian Exports | Trade Balance |
| 2023-24 | $65.70 billion | $61.44 billion | $4.26 billion | In favor of Russia |
Manturov’s Other Meetings in India
Aside from the IRIGC-TEC, Manturov met with:
- Prime Minister Narendra Modi: Discussed enhancing the India-Russia Strategic Partnership.
- Finance Minister Nirmala Sitharaman: Addressed economic cooperation.
- National Security Advisor Ajit Doval: Reviewed security and defense collaboration.
News Summary
- Event: Russian First Deputy PM Denis Manturov’s visit to India
- Dates: November 10–12, 2024
- Key Meetings: India-Russia Business Forum in Mumbai, IRIGC-TEC Session in New Delhi
- Objectives: Strengthen India-Russia trade, address trade imbalance, enhance strategic cooperation
- Trade Goal: Achieve bilateral trade target of $100 billion by 2030
- Outcomes: Agreement to finalize the Programme of Economic Cooperation 2030
Also Read Latest Current Affairs 2024
FAQs (People Also Ask)
The IRIGC-TEC (India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation) is the primary platform for bilateral cooperation between India and Russia in trade, technology, culture, and more.
Russian Deputy Prime Minister Denis Manturov visited India to co-chair the IRIGC-TEC, strengthen trade ties, and discuss strategic and economic cooperation.
India primarily imports crude oil, fertilizers, minerals, and vegetable oils from Russia, with oil being the largest component.
India and Russia have set a bilateral trade target of $100 billion by 2030.
Sectors like machinery, pharmaceuticals, chemicals, and electronics hold growth potential in Indian exports to Russia.
The IRIGC-TEC was established in 1992 under an inter-governmental agreement to enhance cooperation between India and Russia.
