India-Russia Relation / India and Russia made a plan of 100 billion dollars, China and America are worried!

Vikrant Shekhawat : Jul 10, 2024, 08:25 AM
India-Russia Relation: 'Sir par lal topi russi...' This line of Raj Kapoor's film song created a stir in the whole of Russia. Today again these lines were on the lips of India's Prime Minister Narendra Modi on Russian soil. Now you can understand how deep is the friendship between India and Russia and how much beyond the understanding of other countries. This is the reason why the American government is completely shocked. At the same time, China, which is increasing its closeness with Russia, must have also become afraid after seeing this friendship.

Well, here the talk will not be only about politics and diplomatic relations between the two countries. Here the discussion will be about what kind of economic relations can be seen between India and Russia in the next 5 to 6 years. In fact, both the countries have made a plan of 100 billion dollars. It has also been signed. Seeing this plan of the heads of state of both the countries, the countries of America, China and Europe have become worried. Let us also tell you what kind of plan India-Russia has made.

What is the 100 billion dollar plan?

The $100 billion plan made by India and Russia is actually for bilateral trade. According to the information, both the countries have made a plan to increase the bilateral trade to $100 billion by the year 2030. Along with this, both the countries have set a target to bring balance in trade, remove non-tariff trade barriers and explore the possibilities of Eurasian Economic Union (EAEU)-India free trade area.

Several rounds of talks took place between PM Modi and Russian President Vladimir Putin. After that, on Tuesday, both the heads of state issued a joint statement and informed the whole world about their plan. It said that both the countries are planning to establish a bilateral settlement system using the national currency and bring digital financial instruments in the mutual settlement system.

These things were also discussed

During the two-day visit of Indian Prime Minister Narendra Modi to Russia, emphasis was laid on increasing economic cooperation in the energy, business, manufacturing and fertilizer sectors. Along with this, both the countries emphasized on increasing the supply of goods from India for bilateral balance trade and re-strengthening the investment under the Special Investment System.

On the other hand, PM Narendra Modi also mentioned Russia's help to India in the energy sector. He said that when the world was facing a shortage of food products, fuel and fertilizers, India did not let the farmers face any problem and Russia played an important role in this. Modi also said that with the help of Russia, there was no shortage of petrol and diesel in the country.

Bilateral trade with Russia is half as compared to US and China

At present, the bilateral trade between India and Russia is $ 60 billion. Which is about half as compared to America and China. According to the data, India's bilateral trade with America in the financial year 2023-24 is $ 118.28 billion. While the highest with China is $ 118.40 billion. Even after deteriorating relations with China, India's maximum business is done from here. If we talk about the trade deficit, it had reached $ 85 billion. At the same time, it had also crossed $ 57 billion with Russia.

On the other hand, in the financial year 2023-24, India had a trade surplus of $ 36.74 billion with the US. America is one of the few countries with which India has a trade surplus. UK, Belgium, Italy, France and Bangladesh are also included in this list. India's total trade deficit in the last financial year was reduced to $ 238.3 billion as compared to $ 264.9 billion in the previous financial year.

Why are China and America worried?

Ever since the Prime Minister of India Narendra Modi has reached Russian soil. Since then, there has been an increase in restlessness in China and America. If we talk about China first, then China is engaged in increasing its proximity to Russia. On the other hand, Russia's friendship with India is not liked. In such a situation, India has a great opportunity to keep Russia away from China. So that Russia's help can be taken to threaten China at any time.

In such a situation, China's restlessness has increased. On the other hand, the bitterness between America and China is not hidden from anyone. On the other hand, America is not getting along with Russia either. In such a situation, America considers India as its biggest strategic and economic partner in South Asia. In such a situation, America is not able to digest the growing closeness between India and Russia.