India and Russia hold talks to shrink $50B trade gap
India and Russia are in talks this week to shrink a massive $50 billion trade gap, mostly because India buys lots of Russian energy.
The plan? India wants to sell more of its own products back, like medicines, farm goods, engineering products, and textiles.
All this is happening just before Prime Minister Modi meets President Putin on Friday.
India, Russia ease payments, INNOPROM.India debuts
Both sides are also trying to make payments easier by using their own currencies, speeding up customs checks, and improving transport links.
And while these talks happen, New Delhi is hosting INNOPROM.India, the first India edition of Russia's major international industrial exhibition, with over 200 companies showing off technology and investment ideas.
Russian Ambassador to India Denis Alipov even called it "unprecedented in the history of Russian-Indian economic relations."