Russia and India Seek Solutions for Payment Challenges
During a visit by Indian Prime Minister Narendra Modi to Russia, discussions were held on finding ways to smoothen out difficulties in payment settlements between the two nations. Western sanctions imposed on Russia and the limited convertibility of the Indian rupee are currently creating hurdles for bilateral trade. VTB Bank CEO, Andrei Kostin, highlighted these issues and indicated that both countries are working together to find solutions that will benefit businesses and individuals.
PM Modi In Russia
‘Relationship Is Built On Mutual Trust and Respect’
Prime Minister Narendra Modi on Tuesday made a wholehearted endorsement of India’s ties with Russia, describing the old ally as India’s “all-weather friend” and lauding President Vladimir Putin for strengthening the bilateral relations over the past two decades of his leadership.
PM Modi is in Russia to hold the 22nd India-Russia annual summit with President Putin. Addressing the Indian diaspora, he said the India-Russia relationship is built on the strong pillar of mutual trust and respect, asserting that their ties were tested time and again only to emerge stronger every time.
Modi’s high praise of Russia as an ally and Putin’s leadership came amid ongoing efforts by the Western world to isolate the Russian leader over the war in Ukraine. Prime Minister Modi also made a veiled criticism of the “influence-oriented global order” which endured for decades.
“But, what the world needs right now is confluence not influence and no one can deliver this message better than India which has a strong tradition of worshipping confluences,” he said.
He said India is being seen as a strong pillar in the “emerging multipolar world order”. “When it speaks of peace, dialogue and diplomacy, then the whole world listens.” Modi has often stressed the need for dialogue and diplomacy to end the war between Russia and Ukraine. Commenting on India’s ties with Russia, he said he has been for decades an admirer of the unique partnership between the two countries.
“On hearing the word Russia, the first word that comes to the mind of every Indian is India’s ‘sukh-dukh ka saathi’ (all-weather friend) and a trusted ally,” he said. “No matter how low the temperature dips below zero degrees during Russian winter, India-Russia friendship has always remained in ‘plus’ and been full of warmth. This relationship is built on the strong foundation of mutual trust and mutual respect,” Modi said.
He said he had a special appreciation for “his friend” Putin for steering the India-Russia friendship to greater heights over the last two decades. As prime minister, he said it was his sixth visit to Russia and the two leaders have met 17 times during this period.
“All these meetings have added to our mutual trust and respect,” he said, praising Putin for helping the evacuation of Indian students during the war. He expressed gratitude to the Russian leader and Russian citizens for this. To the applause from the audience, he announced that India will open two new consulates in Russia to boost travel and trade between the two countries.
Modi Affirms Strong India-Russia Ties
Prime Minister Modi’s visit to Russia underscored the close relationship between the two countries. He referred to Russia as India’s “all-weather friend” and commended President Putin’s role in strengthening their partnership over the past two decades. Addressing the Indian diaspora in Russia, Modi emphasized the mutual trust and respect that form the foundation of this long-standing alliance.
India’s Rise on the World Stage
While in Russia, Modi addressed the Indian community and expressed his confidence in India’s growing stature. He pointed to the country’s rapid development over the past decade, which has surprised the world. He highlighted his belief that the 21st century belongs to India, a notion he often emphasized during his election campaign. Modi conveyed his vision of a “New India” where the collective strength of its 140 crore citizens will propel the nation towards achieving its goal of a self-reliant India (“Viksit Bharat”).
