‘Business begins with culture and friendship’: key takeaways from TIME Forum plenary session
What hinders the development of business ties between Russia and India, how this can be overcome, and what umbrellas have to do with it
The Indian consulate in Kazan is opening in the coming weeks. In time, a wellness centre may also appear, where residents of Tatarstan will have the opportunity to discover the joys of yoga and Ayurveda. Mutual trade turnover between Russia and India is expected to reach 100 billion dollars by 2030, yet businesses in both countries still know too little about each other. Indian investment activity in Tatarstan remains rather low, and this is an area that requires attention. At the same time, India’s market is vast, and there is certainly room for our entrepreneurs — the key is to position themselves wisely. The main obstacle to strengthening business relations lies in the lack of mutual awareness about one another. These topics were discussed today at the plenary session of the first Russian-Indian business forum TIME, currently taking place in Kazan.
India and Tatarstan double their trade turnover, but investment activity remains weak
At the plenary session of the TIME Forum, participants discussed the prospects for developing economic and cultural partnership between Russia and India, with a special focus on Tatarstan. The session was moderated by Head of the Tatarstan Investment Development Agency Talia Minullina and President of the Indian Business Alliance Sammy Kotwani.
Prime Minister of Tatarstan Aleksey Pesoshin welcomed the forum’s guests on behalf of the rais of the Republic of Tatarstan Rustam Minnikhanov and in his own capacity. The rais himself did not attend the plenary session — his meeting with key forum participants had taken place several hours earlier at a closed business breakfast.
The session was moderated by head of the Tatarstan Investment Development Agency Talia Minullina and President of the Indian Business Alliance Sammy Kotwani.
Pesoshin noted that in recent years, economic relations between India and Tatarstan have intensified: over the past five years, trade turnover has doubled, reaching $359.4 million last year. Tatarstan is interested in promoting the products of its enterprises in India and in developing cooperation in the fields of mechanical engineering, pharmaceuticals, and IT. Some connections have already been established: KAMAZ supplies trucks to India, Tatspirtprom exports beverages, and the country’s medical universities purchase robotic simulators from the Tatarstan-based company Eidos to train future doctors.
Speaking of students, more than 1,100 Indians are currently studying at universities in Tatarstan, and educational cooperation continues to grow. Leading institutions in this field include Kazan Federal University, Kazan State Medical University, Kazan National Research Technological University, and Innopolis University.
Particularly important is cooperation in the agricultural sector. By the end of 2024, India had imported the largest volume of agricultural products from Tatarstan among all partner countries: its share in the republic’s agricultural exports exceeded 23% of the total, amounting to more than $130 million.
However, further efforts are needed: for instance, investment from India into Tatarstan’s economy remains extremely limited, and direct air links between Kazan and Indian cities are still scarce. A single direct flight, which operated last winter to the tourist state of Goa, is clearly not enough.
From transactional activity to universal values: what the Indian Ambassador dreams of
The representation of Indian speakers on the presidium was impressive: among them was the Ambassador Extraordinary and Plenipotentiary of India to Russia, Vinay Kumar, who came to represent his country. He noted that holding the forum at this moment was no coincidence — the Consulate General of India in Kazan is set to open in the coming weeks.
Vinay Kumar reminded the audience that India remains the fastest-growing economy in the world, with GDP growth at 9.8%. The country’s GDP has surpassed $4 trillion, making it the fourth-largest economy globally. The ambassador attributed this remarkable economic vitality to the fact that the median age of modern Indians is 28.
The working-age population in India stands at 65%, giving the country the youngest and most dynamic labour force in the region. Equally important is the rapid improvement in living standards: by 2030, 57% of Indians — more than 800 million people — are expected to belong to the middle class.
“Our Prime Minister is focusing on building a new model for the development of our society — one that is inclusive, dignified, and technologically advanced!” Vinay Kumar said, envisioning the country’s future.
The Indian guests emphasised that having such a vast market nearby gives key Russian regions excellent opportunities to expand their partnerships. All the more so for Tatarstan, which, with its advanced industrial base and strategic location, offers unique prospects for bilateral cooperation, according to the ambassador. Together, India and Tatarstan can develop electric power, engineering, infrastructure projects, and, of course, industry. Vinay Kumar also spoke about the creative industries and cultural collaboration — and took a moment to reflect philosophically, recalling the ancient principles of Indian culture:
“The Earth is one family. The 21st century demands that we move from transactional relations to transformational partnerships — when India and Russian regions such as Tatarstan truly cooperate, when people engage with one another in the name of shared human values.”
President of the BRICS International Forum Purnima Anand, who is visiting Kazan for the fifth time, reminded attendees of an ambitious goal: by 2030, trade turnover between Russia and India should reach $100 billion. She also pointed to the challenges faced by businesses — currency exchange, logistics, legislative differences, insurance, and finance.
“It is important not only to identify these obstacles but also to actively address them through open discussions and the exchange of innovations,” said Ms Anand. “Kazan holds a special place in this dialogue. The intention to open the Consulate General of India in Kazan is not merely a diplomatic move, but a significant institutional decision. It will breathe new life into business communications. Moreover, many Indian students study here, and the new consulate will help them solve practical issues and encourage greater engagement.”
From yoga and ayurveda to cutting-edge offices
The plenary session offered several practically interesting insights. For example, Rajesh Kumar Kotecha, Deputy Minister of Traditional Medicine of the Government of India, spoke about plans to open a wellness centre in Kazan, where traditional Indian healing practices will be offered. In his speech, he explained how Indian specialists can share their longevity-enhancing practices with Russian colleagues. A dedicated ministry for this sector was established in India in 2014, and over ten years, the sector has grown more than tenfold. More than 95% of Indians incorporate yoga and Ayurveda into their daily lives.
“In Tatarstan, there are opportunities to develop this business. You have yoga courses and studios, and perhaps together we can consider launching joint research programmes. In India, for example, there is a Centre for Research in Traditional Medicine, supported by our government,” said Rajesh Kotecha.
As Kotecha later explained during a press briefing, he has already approached the rais of Tatarstan to request support in obtaining the necessary permits and in organising a working group to prepare for the centre’s opening.
The forum brought together more than 2,000 participants, representing 30 regions of Russia and 22 Indian states. One of the most prominent delegations came from the state of Telangana. Senior state official Dana Kishore presented the wide-ranging investment and economic opportunities available in his region. Telangana has a population of 38 million, with a thriving pharmaceutical and biotechnology sector. The majority of vaccines in India are produced in Telangana, in the city of Hyderabad. The region also manufactures electronics, engineering equipment, and develops major infrastructure projects. Additionally, Hyderabad — India’s fifth-largest city by population — is renowned for its business infrastructure and high level of business education.
“In Hyderabad, we ‘produce’ company leaders for the entire world! For example, top managers at Microsoft, Adobe, Firefox, and many fintech companies!” said Dana Kishore, inviting Tatarstan’s top executives and the Prime Minister personally to Hyderabad to establish and develop partnership relations.
Breaking down information barriers
Of course, no one was shown any Potemkin villages. Taliya Minullina described the state of Tatarstan-India cooperation as “lamentable” — despite its potential, the level of mutual engagement remains very low. In response to her question about how to reverse this trend, Manprit Singh, President of the Trust Council of the International Chamber of Investment and Business (ICIB), offered his perspective. According to him, Russian partners first need to understand what India truly is: a country of many cultures, regions, nationalities, religions, and territories, brought together as a single entity. This understanding is critical for knowing how to position their proposals in vast India.
“Understanding this fundamental aspect will help you grasp what exactly needs to be sold or bought in India. You must break free from stereotypes! After all, selling an umbrella in a place where it never rains is no easy task,” Mr Singh illustrated with a metaphor. “We are influenced by advertising, so creating communication and demonstrating opportunities is paramount. Our governments provide us with a platform for cooperation, and we must seize this chance. I hope this forum marks the beginning of long-term collaboration between Tatarstan and India. I believe the starting point should be culture — through media and the creative industries. Business begins with culture and friendship!”
The issue of mutual lack of awareness between the countries was also raised by Ivan Nosov, Head of Sberbank’s branch in India. In his view, stereotypes about India are very strong in Russia. “We are used to thinking that all transport in India relies on overcrowded, old trains — whereas in reality, the country has one of the most advanced aviation networks in the world, and a high-speed rail system will be launched soon. We think that the rupee is ‘unstable’ and transactions are complicated, while in fact, transfers between legal entities in rubles and rupees are completed within a single banking day, and for individuals, they happen in seconds. We assume India is an agricultural country, yet in reality, agriculture accounts for less than 20% of its economy.”
“Today, all the infrastructure for doing business between our countries exists: payment systems, logistics, insurance. The main problem lies in the lack of information and knowledge about business opportunities. This problem exists in Russia — Russia does not know what can be bought from India or what is produced there. Conversely, India does not understand the Russian market and what can be supplied here. In my view, the primary task is to break down these information barriers. It is necessary to communicate the opportunities available for business in both Russia and India!” Nosov said.
At the conclusion of the plenary session, the Mayor of Agra, Hemlata Diwakar, and the Head of Spassky District of Tatarstan, Roman Islanov, signed a memorandum of intent to establish sister-city relations. This means that soon, the White Mosque in Bolgar and the Taj Mahal in Agra can, on a formal level, be figuratively called relatives.