Foreign Secretary Harsh Vardhan Shringla is set to visit Russia this week. The main subject of his visit is expected to be revitalising the Chennai-Vladivostok Maritime Corridor and also improving the trading network that is valued at about $10 billion (Rs 7,000 crore).
Though investments between Russia and India have reached $30 billion, mainly in fossil fuel, but the trade between them is not so promising and is holding steady at just $10 billion. Economists cite the Russian economy’s build, the general ignorance of the Indo-Russian trade’s potential capabilities and the lack of interest from the private forms of India.
The visit is also expected to cover information about the annually held Indo-Russia summit, which is to be hosted by India this time. Matters related to the Brazil-Russia-India-China-South Africa (BRICS) summit that New Delhi will host this year are also expected to be discussed. The meeting between Prime Minister Narendra Modi and President Vladimir Putin had to be scrapped off in 2020 due to the coronavirus pandemic. As such, this diplomatic visit is being given high priority and will go over many important matters.
Although Russia is the primary rival of the US in its superpower status, India has maintained relatively close ties with both. Although, by hindsight, Russia is a much closer ally of India and has been since the days of the Soviet Union, helping India out in the United Nations. The new change in leadership in the US shows no sign of cooling down of relations with Russia, as Joe Biden has been accusing Russia of hacking into American servers for all sorts of purposes and also criticised Russia for arresting the dissident Alexei Navalny.