“Russia – India: Developing Technological Partnerships to Enhance Business Sustainability” – this was the name of the expert dialogue held by Sber at the XI Eastern Economic Forum. The discussion was moderated by Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank.
Participants discussed mutual investments, logistics, human resources, prospects for cooperation in IT, pharmaceuticals, and industry, as well as new projects capable of enhancing business sustainability in both countries.
Opening the discussion, Alexander Vedyakhin presented data from a study by the Observer Research Foundation (ORF) on the attitudes of young Indians toward various countries.
Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank commented, “Russia ranked first in satisfaction with the state of bilateral relations – 72%. For comparison: Japan has 69%, the US – 56%, and China – only 31%. And what’s even more important – the same 72% of young Indians consider our country a likely leading partner for the next 10 years. This is higher than the US (61%) and even Japan and Australia. But the key point is not the percentages themselves, but their stability. A year ago it was 73% – almost the same figure, whereas satisfaction with relations with the US plummeted from 86% to 56%. The study’s authors directly state: the Russian-Indian partnership is perceived as a stable and ongoing dialogue. But this data is not just a reason for pride. We have strong reputational capital among India’s urban educated youth – but by itself, it does not define sectoral priorities. It needs to be translated into everyday things: Russian goods on Indian shelves, joint workplaces, convenient travel, and clear business projects”.
Alexander Vedyakhin also noted that the signing of a new investment agreement between Russia and India would provide investors with additional guarantees and serve as a driver for further growth in mutual investments.
Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank said, “Currently, Russia’s share in India’s total investment volume is less than 1%. However, it would be incorrect to say there is no momentum. The growth in investor interest in real estate is particularly noticeable. According to Colliers India, in the first half of 2026, the volume of institutional investments reached $4.5 billion, increasing by 50% year-on-year and reaching a record high. Office real estate became the largest destination for capital, attracting over 40% of all investments. Sber is one of such investors. We are consistently expanding our presence in India, including in real estate. Not long ago, we acquired two business centers in New Delhi. The project will be completed in 2028 and will create a new infrastructural foundation for Russian business presence in India”.
Igor Levitin, Advisor to the President of the Russian Federation and Special Representative of the President for International Cooperation in Transport, spoke about changes in Russian-Indian relations over the past year. The speaker emphasized that Russia continues to supply oil to India, while India has begun supplying gasoline to Russia. The largest volume of cargo today is mineral fertilizers – 6.5 million tons, which helps reduce the existing trade imbalance.
Ashish Kumar Chauhan, CEO of the National Stock Exchange of India, noted that India is currently the world’s fastest-growing major economy, with its market capitalization exceeding $2 trillion and growth of 31% in the first half of the year. Key drivers include the growth of the middle class (from 16 to 130 million investors during Prime Minister Modi’s tenure) and the mobile revolution, which has made investments accessible. India invests 30% of its GDP into itself. The speaker specifically highlighted the launch of the first joint investment index for retail investors, developed by Sber and the State Bank of India, confirming the close cooperation between the financial institutions of the two countries.
Vitaly Altabaev, First Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic, reported that trade turnover between the Far East and India grew by 50% over the past year. He also announced the creation of an innovation and technology center on Russky Island, the first building of which has already been constructed and launched. The platform is focused on areas where India is traditionally strong: biotechnology, pharmaceuticals, and IT.
Ajay Sahai, CEO of the Federation of Indian Export Organisations (FIEO), noted that potential and opportunities are different things, and exports do not grow on their own. India’s share in Russian imports is currently less than 2%, but the goal is to reach $100 billion by 2030. To achieve this, systemic issues need to be addressed: logistics, delivery times, common standards, and market access. Since 2026, volumes have begun to grow, but reaching a new level requires joint work across all areas.
Discussion participants answered the question: “Which sectors are expected to see the most dynamic growth in Indian exports to Russia?” The most popular answers were: machinery, fruits, pharmaceuticals, tea, IT, and chemicals.
Ivan Nosov, CEO of SberIndia, commented on the survey results. According to him, if 2–3 years ago the main imports from India were tea and rice, today the picture is changing. There is a SberIndia Business Development project that selects Indian suppliers to meet the needs of Russian businesses: over 8 months of 2026, the total turnover of successful SME deals exceeded the entire 2025 figure by almost 11 times. Supplies of machinery, electronics, industrial equipment, automotive components, and batteries are growing. In the textile sector, technical textiles for industry and medicine are becoming a driver. Traditional goods – tea and rice – are not going anywhere, but specialized machinery, chemicals, electronics, and equipment are the items that will provide multiple-fold growth in the coming years. Diversification is happening on all fronts, and this inspires real optimism.
Participants then answered the mirror question: “What will drive Russian exports to India?” Leading positions were taken by machinery, copper, food products, oil, and fertilizers.
Pyotr Zaselsky, Chairman of the Management Board of JSC Roseximbank (part of the Russian Export Center), noted that the structure of Russian exports to India still has a bias – almost 90% is raw materials and energy. However, he highlighted four areas for strong development: machinery, food products, fertilizers, and copper. To promote non-resource exports, the first “Made in Russia” pavilion – an information and tasting venue where contracts can be signed – opened in Mumbai. Already, 37 Russian companies have become residents. The idea of allocating a separate “Made in Russia” shelf in Indian retail chains and developing online trade through a national online store is also being explored.
Vladimir Padalko, Vice-President of the Russian Chamber of Commerce and Industry, thanked the SberIndia team for their contribution to the development of trade relations. He highly appreciated the potential of small and medium-sized businesses and spoke about the Indian Culture Festival held in Moscow, which was attended by a record number of guests.
Alexander Basansky, head of the Arbat Group from Magadan, shared his experience of cooperation with Indian partners, noting their reliability and friendliness. The company is actively developing procurement of heavy machinery and chemicals and also sees great potential in exporting Magadan gold to India.
Vikram Punia, President of the Pharmasyntez Group of Companies, spoke about the future of pharmaceutical cooperation. Over the past 15 years, the Russian pharmaceutical industry has made a huge leap forward: hundreds of factories have been built, and billions of rubles have been invested. The production capacity of Pharmasyntez alone already exceeds the entire volume of pharmaceutical imports from India. However, cooperation is not closing down but shifting to new areas: the development of innovative drugs (an agreement has been signed with an Indian company for a new antibiotic, with production scheduled for 2027) and the production of active pharmaceutical ingredients.
Representatives of the SberIndia office also joined the discussion: President of Cosmos Group Anil Agarwal, President of the Indian Chamber of International Business (ICIB) Manpreet Singh, and Head of Cadila Pharma Raj Pranksh Vyas. Participants noted significant progress in payment speed: transfers from Russia to India are completed within a few days, while inter-corporate transactions are almost instantaneous.
The next topic of discussion was labor resources.
Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank:
“The labor shortage in Russia by 2030 is estimated at 3 million people. Just this year, Sber brought over 40,000 workers from India. In the summer of 2026, together with our partners, we launched a turnkey recruitment platform: from application to employee onboarding in a single digital circuit. A full package of services has been created for migrants: payroll cards, SIM cards, medical programs, biometrics, and fast money transfers. Over the past 12 months, the number of Indian users of money transfers has grown by 90%, and payroll clients from India – by 35%.”
Kirill Kravchenko, Member of the Management Board of Gazpromneft, confirmed that the company plans to sign a cooperation agreement with Sber on a platform for importing labor from India. He noted that the joint project complements existing initiatives, including the “Professional 4.0” platform for temporary employment, and there are already specific cases of attracting Indian specialists to the production of needle coke and the development of IT platforms.
Logistics became the final topic of the discussion. Alexander Kakhidze, General Director of FinInvest LLC, spoke about the “dry port” project. Igor Levitin added that 75% of India’s imports go through the Black Sea, making the diversification of routes, especially through the Far East, extremely important. He suggested that Sber act as a coordinator for joint logistics ventures.
Summing up, Alexander Vedyakhin thanked the participants for their contribution to the development of relations between India and Russia and reminded that as early as next week, issues of Indian-Russian cooperation will be discussed at the highest level at the BRICS summit and at Innoprom in Delhi.
