Mumbai, March 19 (ANI) — Speaking at the Russian-Indian Forum “From the Volga to the Ganges,” hosted by the National Stock Exchange, Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, called for deeper economic and financial cooperation between India and Russia.
Glazyev described India as a crucial partner whose economy complements Russia’s, and said work is underway to establish a free trade framework between the two countries. He said the structure of a trade agreement is being developed, that financial markets between the partners are increasingly aligned, and that the forum provides a timely platform to resolve remaining currency and capital issues.
Highlighting rising geopolitical and market complexity, Glazyev criticised the United States for attempting to dominate capital markets and likened current trade tensions to historic trade conflicts. He argued that India is emerging as a global leader — particularly in innovation, market capitalisation and manufacturing — and suggested that India, together with China, will help reorient global economic weight toward South and East Asia.
On strategic and financial matters, Glazyev addressed regional security concerns including the Strait of Hormuz and stressed the need to modernise financial infrastructures. He pointed to pilot projects for national digital currencies and proposed an intergovernmental settlement currency, BRICScoin, as tools to lower integration costs and reduce dependency on any single hegemonic currency. He acknowledged the complexity of such initiatives but urged rapid progress and openness to financial integration so that a more inclusive international financial structure can be created.
The forum underscored a shared vision of closer India-Russia ties across trade, finance and innovation, positioning both nations to play a significant role in reshaping global economic dynamics in the years ahead.
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