Mumbai, September 8 (Daily Kiran) : At a recent business event in Mumbai, Vijay Kalantari, chairman of the World Trade Center Mumbai, met with a Russian delegation. During the meeting, a female representative from Russia highlighted the vast opportunities available for Indian companies in the Russian market. However, she stressed the importance of bridging the information gap to capitalize on these prospects.
She stated, “I have been working with India for nearly 20 years. I believe there are significant opportunities for Indian companies in the Russian market, but attention must be paid to a few key aspects. First, Indian firms need to close the information gap. They should actively participate in various trade delegations, seminars, and exhibitions. There is also a need to share more information. This active participation will help Russian firms understand the available opportunities as well as the quality and variety of products and services offered by India.”
The representative noted that there are currently no issues with payment processes. The ruble-rupee payment corridor has been operational for over 40 years and remains active. There are no obstacles from either the Central Bank of India or the Central Bank of Russia, eliminating any financial concerns.
Regarding connectivity, she remarked that we are still in the early stages, but the potential is immense. Given the current geopolitical landscape in Iran and other parts of the world, it is crucial to assess the geopolitical risks involved. The Chennai-Vladivostok maritime corridor and the Northern Sea Route are expected to present significant opportunities for both India and Russia. “If not today, then tomorrow, these corridors will become very important for the world,” she added.
Vijay Kalantari also mentioned that Prime Minister Modi had attended the Global Fintech Event last year, which he inaugurated. He noted that there have been numerous innovations in the fintech sector. For instance, the reach of the Unified Payments Interface (UPI) has significantly increased, with its usage growing by nearly 70% not just in India, but in several other countries as well.
Kalantari emphasized that digitalization through UPI has transformed financial transactions in India, making it accessible to the common person. Even vegetable vendors are utilizing UPI for transactions. He pointed out that numerous reforms are underway to enhance financial services. Indian technology can also be adopted and marketed in other countries, as India is quite advanced in technology, especially in the IT and information technology sectors.
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