Matvienko spoke about increasing trade turnover between Russia and India to $50 billion

Mutual trade turnover between Russia and India is now about $50 billion a year, previously this figure was at the level of $10 billion, said Chairman of the Federation Council of Russia Valentina Matvienko at a meeting with Speaker of the People’s House of the Parliament of India Om Birla in New Delhi on the sidelines of the parliamentary forum G20.

“Our trade and economic cooperation has been developing very actively recently. Mutual trade turnover over the past year and a half – an unprecedented story – has grown fivefold. Previously it was about $10 billion, now it’s about $50 billion,” she said.

In mid-July, the Indian Ministry of Commerce reported that Russia in January–May for the first time in history became the third trading partner of this country in terms of trade turnover ($27.1 billion). At the same time, supplies of Russian goods, most of which are energy resources, in monetary terms are more than 40 times greater than supplies of Indian ones: $26.5 billion versus $639 million.

According to Russian Deputy Prime Minister Denis Manturov, in 2022 the trade turnover between the two countries exceeded $35 billion. In 2021, it amounted to about $11 billion.

The G20 Parliamentary Forum in India takes place on October 12-14. The theme of the event is “One Earth. One family. One future.” Valentina Matvienko heads the Russian delegation. The delegation includes First Deputy Chairman of the Federation Council Andrei Turchak, Deputy Chairman Konstantin Kosachev and member of the Committee on Agricultural and Food Policy and Environmental Management Tatyana Gigel, as well as State Duma deputies.