Although specifics have not been made public, Russian President Vladimir Putin claims negotiations are in progress.
President Vladimir Putin announced on Wednesday at a BRICS business meeting that discussions about the opening of Indian retail store chains in Russia are now in progress.
“Contacts are being established between the business communities of the BRICS nations and Russian business circles. To boost the percentage of Chinese automobiles, machinery, and equipment in our market, for instance, talks are currently taking place to launch Indian retail chains in Russia. Additionally growing is Russia’s influence in the [BRICS] nations, according to Putin.
The Indian retail market was forecast to be worth $800 billion in 2020 by Statista.com, and given its explosive expansion, it is anticipated to reach $1.7 trillion by 2026. Reliance Retail Limited, which holds leadership positions in the selling of food, consumer electronics, and fashion with 10,415 units across the nation as of April 2022, is one of India’s largest and most well-known store chains. Shoppers Stop, Aditya Birla Fashion & Retail, Avenue Supermarts, which operates as DMart supermarkets, and Future Retail are some other well-known brands in India.
Putin did not specify which of these Indian chains might be making their way to Russia, though.
India has expanded its purchases of Russian oil while refusing to denounce Moscow’s military activity in Ukraine during the West’s campaign of sanctions against Moscow. Russia surpassed Saudi Arabia to take over as India’s second-largest oil supplier last month.
According to Putin, India and the other BRICS countries’ cooperation in other areas is also advancing.
“Russian oil deliveries to China and India are increasing significantly in volume. Agriculture-related cooperation is advancing quickly. Fertilizer exports from Russia to the BRICS nations are substantial. Russian IT firms are growing their operations in South Africa and India, and our satellites deliver TV to 40 million Brazilians, the Russian president noted.