Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, addressed the Russian-Indian Forum "From the Volga to the Ganges" in Mumbai on 19 March 2026.

Organised by the National Stock Exchange (NSE), the event underscored the deepening economic synergy between India and Russia.

Glazyev highlighted India as a vital partner, noting how their economies complement one another seamlessly. He announced that free trade negotiations between the two nations are progressing, with the structure of a comprehensive trade agreement actively under development.

Trade barriers have already been dismantled, Glazyev affirmed, paving the way for frictionless exchanges. Yet, he identified currency capital as a lingering hurdle, positioning the forum as an ideal platform to address it through collaborative financial mechanisms.

The global economic landscape, he warned, has grown increasingly turbulent due to geopolitical tensions and market disruptions. Glazyev drew parallels to trade wars preceding the World War era, accusing the United States of seeking dominance over capital markets.

India's ascent as a global leader, alongside China, signals a seismic shift towards South East Asia, according to Glazyev. He praised India's prowess in innovation, market capitalisation, and manufacturing, predicting an imminent burst of the West's financial bubble.

Regional flashpoints like the Strait of Hormuz underscore the need for strategic alignment, Glazyev observed. Both nations must fortify their positions to navigate these challenges without external hegemony.

To counter such dominance, Russia is advancing financial modernisation. Pilot projects for a digital national currency are underway, complemented by the rollout of BRICScoin as an intergovernmental settlement tool.

This digital currency initiative promises to slash integration costs, Glazyev explained, making cross-border transactions more efficient and resilient. He urged swift action to avoid dependency on any single nation's financial leverage.

The forum's discussions reflect a broader ambition: to forge a multipolar financial architecture benefiting all participants. Open integration, free from barriers, forms the cornerstone of this vision.

India-Russia relations stand at a pivotal juncture, with free trade, shared financial markets, and innovative currencies poised to redefine their partnership. As Glazyev emphasised, mutual gratitude and resolve will drive these efforts forward.

In the long term, this collaboration could reshape global dynamics, elevating emerging economies while challenging entrenched powers. The path ahead demands resolve, but the rewards—economic sovereignty and prosperity—appear within reach.

ANI