Russia is exploring ways to increase its presence in India’s financial markets, according to reports quoting Sergei Storchak, the Deputy Finance Minister of Russia. Storchak recently said that Russia was interested in investing in the Indian economy, particularly in the banking and insurance sectors, as well as the mutual fund industry.
The move to invest in India’s financial sector is a part of wider strategy of the Russian government to promote economic ties with India. In 2018, the two countries had signed an agreement for cooperation in the financial sector, which was aimed at exploring and developing opportunities for Russian companies in India’s financial markets.
Russia is largely dependent on its oil and natural gas exports and is looking for other sources of income that will help it diversify its economy. By investing in India’s financial sector, the Russian government hopes to gain access to India’s rapidly growing economy. India is expected to be among the world’s top five economies by 2025.
Russia is also interested in other sectors in India, such as technology, renewable energy and agriculture. In the last few months, it has taken strides to increase bilateral trade between the two countries, including a number of deals in defence, energy and agriculture.