In a video greeting addressing the participants of the BRICS Business Forum, Russian President Vladimir Putin spoke about the negotiations on launching Indian chain stores in Russia, increasing the share of Chinese cars, equipment and machinery in the Russian market.
According to a report of Statista.com, in 2020, the retail market in India was estimated to be worth $800 billion, and, given its rapid growth, it is expected to surpass $1.7 trillion by 2026. India’s many retail chains include Reliance Retail Limited, Shoppers Stop, Aditya Birla and many more. However, it wasn’t disclosed which of these Indian chains could possibly enter the Russian markets.
The Russian President said,“Contacts between Russian business circles and the business community of the BRICS countries are being activated. For example, negotiations are underway to open Indian retail chain stores in Russia, to increase the share of Chinese cars, equipment and machinery in our market. Russia’s presence in [BRICS] countries is also expanding.”
President Putin noted that the volume of Russian oil supplies to India and China is growing noticeably, and said that other spheres of cooperation with India and other BRICS nations are also strengthening.
Russian IT companies are expanding their activities in India and South Africa, and our satellites provide TV broadcasting to 40 million people in Brazil,” the Russian president expressed.
Amid the West’s sanctions against Russia, India has increased its purchases of Russian Oil, overtaking Saudi Arabia to become the second-largest oil supplier.