(MENAFN) Russian President Vladimir Putin declared on Wednesday at a BRICS business forum that negotiations are currently taking place amongst Moscow and New Delhi regarding the opening of Indian retail store chains in Russia.
Putin claimed that the “contacts between Russian business circles and the business community of the BRICS countries are being activated. For example, negotiations are underway to open Indian retail chain stores in Russia, to increase the share of Chinese cars, equipment and machinery in our market. Russia’s presence in [BRICS] countries is also expanding.”
The Indian retail industry was forecast to be worth USD800 billion in 2020 by Statista.com, and given its explosive expansion, it is anticipated to reach USD1.7 trillion by 2026. With 10,415 outlets nationwide as of April 2022, Reliance Retail Limited, the largest and most well-known of India's retail chains, has leading positions in the sales of food, consumer electronics, and clothes.
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