What would be the best framework for effective Russia-India cooperation? The two countries have built a solid foundation for their cooperation, and have gone to great lengths recently to reach new heights in their relations and ensure that their regulators and institutions back these efforts. However, they have a lot of work ahead of them.
It is quite obvious that the economy has come to dominate Russia-India relations. Today, they must focus on maintaining this momentum, articulating specific objectives and fulfilling them. The governments of the two countries have been receptive to their companies, while businesses have been stepping up their operations across various domains. There is no doubt that the Russian and Indian economies are complimentary, even if they have had to find new ways of working together and new growth drivers to adapt to the new environment after adjusting their national priorities. Overall, they have succeeded in this effort, and both businesses and regulators share this vision, which means that it is high time that we get down to creating the necessary conditions for making this vision reality.
India is a leading nation of the Global South, and the Indian economy shares the same opportunities, specifi cs and development methods with other major emerging economies. These countries view their rapidly developing domestic markets as a key asset, and they are committed to charging as much as they can for others to access it. In exchange, they want investment, technology, jobs, better quality of life and respect. It is also clear that certain elements in Russia’s ties with India set this relationship apart from other countries. This includes a long track record of trust, recognising each other’s interests and their spiritual affinity towards one another. That said, Russia must realise that all major actors have been locked in fi erce competition for the Indian market.
Every country wants to secure preferences and is willing to offer India something in return. Russian businesses have been learning to operate in this highly competitive environment while being supported by the Indian authorities, as well as the Russian government. However, achieving any major breakthrough will take time.
Russia has prepared several mutually benefi cial initiatives and submitted them to India for review. Moreover, Russia is ready to get down to carrying out these plans as soon as India greenlights them. If there is anything Russian businesses can learn in India, it is optimism and patience. Could this be a recipe for Russia and India to succeed in their relations? What variables are we missing?
The Valdai Discussion Club was established in 2004. It is named after Lake Valdai, which is located close to Veliky Novgorod, where the Club’s first meeting took place.
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