External Affairs Minister SJ Shankar called for increased commerce with Moscow on Thursday, urging Russian companies to collaborate more closely with Indian partners in light of the United States’ 50% tariff on Indian exports.
Speaking in Moscow with Dennis Montrov, Russia’s first deputy prime minister, Jashanka stated that the two nations need to increase collaborative ventures and diversify their trade baskets.
He described the Moscow meeting as a significant advancement and revealed that the panel had approved the terms of reference for the free trade deal.
India Due in large part to Indian imports of Russian hydrocarbons, commerce with Russia has increased more than fivefold during the last four years, from 13 billion US dollars in 2021 to 68 billion US dollars in 2425.
Jashankar pointed out the growing disparity, although the Russian embassy in New Delhi estimates the growth to be 700% during the previous five years.
India has requested Moscow to expand its market for Indian exports, as the country’s trade deficit with Russia, which was only 6.66 billion US dollars in 021, has ballooned to about 59 billion US dollars.
Later in the day, Jashankar encouraged Russian businesses to invest and look for new business opportunities with Indian partners at the Indian Russia business forum.
By diversifying the trade basket, setting measurable goals and timeliness, and fortifying ties between the business forums and IRI GC working groups, the Minister urged both parties to go beyond the traditional path.
India Today’s Top Stories for August 21, 2025
- Russia Wants to Work with India on Joint Energy Ventures
Sergei Lavrov, the foreign minister of Russia, indicated interest in working with India on energy projects during a joint press conference. He made the comments during a meeting with S. Jaishankar, India’s minister of external affairs.
2.The Bill for Online Gaming Was Passed
Parliament has enacted The Promotion and Regulation of Online Gaming Act, 2025, a new legislation aimed at regulating and promoting the online gaming industry. It focuses on licensing, player protection, preventing addiction, and distinguishes between e-sports, social games, and real-money games.
3. Indian Stocks Continue Their Upswing
or the sixth day in a row, the Indian markets maintained their upward trend.
Nifty 50 increased to 25,120.3, up 0.28%.
Due in part to a proposed tax exemption on health and life insurance premiums, financials and Reliance Industries contributed to the BSE Sensex’s 0.35 percent rise to 82,146.4. However, in anticipation of the Jackson Hole address by the chair of the U.S. Federal Reserve, IT stocks experienced a modest decline.
- Amid activity from oil importers, the rupee declines
Late in the trading day, oil importers increased their dollar purchases, causing the Indian rupee to drop by 0.24% and close at ₹87.2700 per USD. Although there was some assistance from foreign bank initiatives, worries about potential U.S. tariffs on Indian goods persisted.