Details were not disclosed, but Russian President Vladimir Putin said talks were underway.
Talks are underway between Moscow and New Delhi regarding the launch of Indian retail chains in Russia, Russian President Vladimir Putin said at a BRICS business forum on Wednesday.
“Contacts between the Russian business circles and the business circles of the BRICS countries are activated. For example, negotiations are underway to open chains of Indian retail stores in Russia, in order to increase the share of Chinese cars, equipment and machinery in our market. Russia’s presence in [BRICS] country is also expanding,” Putin said.
According to Statista.com, in 2020 the retail market in India was estimated at $800 billion and given its rapid growth, it is expected to exceed $1.7 trillion by 2026. India has many retail chains, the largest and most popular. including Reliance Retail Limited, holding leading positions in the sale of groceries, consumer electronics and clothing with 10,415 stores across the country as of April 2022. Other big names in Indian retail include Shoppers Stop, Aditya Birla Fashion & Retail, Avenue Supermarts operating as DMart and Future Retail supermarkets.
However, Putin did not reveal which of these Indian channels might come to Russia.
Amid the West’s sanctions war against Russia, India not only refused to condemn Moscow’s military operation in Ukraine, but also increased its purchases of Russian oil. Last month, Russia became India’s second largest oil supplier, overtaking Saudi Arabia.
According to Putin, other spheres of cooperation with India and other BRICS countries are also getting stronger.
“The volumes of Russian oil deliveries to China and India are increasing significantly. Cooperation in the field of agriculture is developing dynamically. Russia exports significant volumes of fertilizer to BRICS countries. Russian IT companies are expanding into India and South Africa, and our satellites are providing TV coverage to 40 million people in Brazil,” noted the Russian president.
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