New Delhi: India and Russia are expected to conclude a pact on mobility at the annual summit in New Delhi next month for protecting the rights of the growing number of Indian workers in Russia. The pact would help increase the number of Indians in Russia in coming years.
Facing a declining population, Russia is keen to increase the number of Indians in their workforce. Indian workers are finding jobs in sectors like construction and textiles but there is a growing demand for skilled workers in machinery and electronics sectors in Russia, according to people familiar with the issue.
A little more than 70,000 Indians will be employed in Russia by the end of 2025 as per a quota fixed by the Russian labour ministry. India's labour minister met his Russian counterpart in Doha this week on the sidelines of an international meet and the issue of Indian labour force is understood to have figured in the discussion.
The growing Indian diaspora could become a pillar of India-Russia partnership in the coming years, according to an expert on Russian affairs. Meanwhile, boosting economic cooperation, India has imported a record volume of diamonds and gold from Russia this year, ET has learnt.
Russia's diamond exports to India surged to $31.3 million in August, more than double the $13.4 million recorded in August 2024, according to a report in Russian media Ria Novosti.
However, the total volume of Russian diamond supplies to India decreased by nearly 40% in the first eight months of this year, reaching $342.1 million.
Russia is the world's largest producer of rough diamonds and has historically been one of the key suppliers for India's giant cutting and polishing industries.
However, western sanctions against Russia's diamond trade and its biggest mining company, Alrosa, have affected Indian industry.
The European Union and G7 countries have restricted direct imports of non-industrial diamonds, which have been mined, processed or produced in Russia since January 2024. The ban was later extended to diamonds that were cut and polished in third countries but originated in Russia.
In addition, the Indian diamond industry is facing challenges from a 50% tariff imposed by the US on cut and polished diamonds. This tariff includes a 25% punitive tariff for the country's Russian oil purchases.
Facing a declining population, Russia is keen to increase the number of Indians in their workforce. Indian workers are finding jobs in sectors like construction and textiles but there is a growing demand for skilled workers in machinery and electronics sectors in Russia, according to people familiar with the issue.
A little more than 70,000 Indians will be employed in Russia by the end of 2025 as per a quota fixed by the Russian labour ministry. India's labour minister met his Russian counterpart in Doha this week on the sidelines of an international meet and the issue of Indian labour force is understood to have figured in the discussion.
The growing Indian diaspora could become a pillar of India-Russia partnership in the coming years, according to an expert on Russian affairs. Meanwhile, boosting economic cooperation, India has imported a record volume of diamonds and gold from Russia this year, ET has learnt.
Russia's diamond exports to India surged to $31.3 million in August, more than double the $13.4 million recorded in August 2024, according to a report in Russian media Ria Novosti.
However, the total volume of Russian diamond supplies to India decreased by nearly 40% in the first eight months of this year, reaching $342.1 million.
Russia is the world's largest producer of rough diamonds and has historically been one of the key suppliers for India's giant cutting and polishing industries.
However, western sanctions against Russia's diamond trade and its biggest mining company, Alrosa, have affected Indian industry.
The European Union and G7 countries have restricted direct imports of non-industrial diamonds, which have been mined, processed or produced in Russia since January 2024. The ban was later extended to diamonds that were cut and polished in third countries but originated in Russia.
In addition, the Indian diamond industry is facing challenges from a 50% tariff imposed by the US on cut and polished diamonds. This tariff includes a 25% punitive tariff for the country's Russian oil purchases.
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