Indian retail chains may open in Russia

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Details have not been disclosed, but Russian President Vladimir Putin says talks are underway

Talks are underway between Moscow and New Delhi regarding the launch of Indian retail store chains in Russia, Russian President Vladimir Putin said on Wednesday while addressing a BRICS business forum.

“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,” Putin stated.

According to 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 has many retail chains, the largest and most popular of which is Reliance Retail Limited, holding leadership positions in the sale of food, consumer electronics and apparel 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 supermarkets, and Future Retail.

However, Putin did not disclose which of these Indian chains could be coming to Russia.

Amid the West’s sanctions war against Russia, India has 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 nations are also strengthening.

“The volumes of Russian oil deliveries to China and India are growing noticeably. Cooperation in the field of agriculture is developing dynamically. Russia exports significant volumes of fertilizers to the BRICS countries. 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 noted.

For more stories on economy & finance visit RT’s business section

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