Russia and India are forging a robust alliance to propel digital economy initiatives within the BRICS framework. Sergey Cheremin, Moscow government minister and chairman of Russia’s Business Council for Cooperation with India, emphasized their shared vision of pioneering cutting-edge infrastructure and fostering secure urban environments. Speaking at the Smart Cities India Expo program, Cheremin highlighted the aspiration of both nations to lead in information technology and the digital economy.
The prospect of introducing a native BRICS currency, potentially leveraging blockchain technology, has stirred discussions among member nations. The recent collaboration between Russia and India underscores their joint dedication to exploring this possibility and advancing the digital economy sector, which could have significant ramifications for the BRICS alliance.
Previously, the BRICS nations launched the BRICS Pay system as an alternative to the Western SWIFT payment system, aiming to establish financial autonomy within the bloc. Embracing digital economies marks a pivotal stride in reducing dependence on the U.S. dollar and reshaping the global economic landscape through innovative digital solutions.
In December 2023, Indian External Affairs Minister Subrahmanyam Jaishankar convened with Russian President Vladimir Putin and Foreign Affairs Minister Sergey Lavrov, reaffirming their strong friendship and deliberating on deepening trade and strategic ties. India has emerged as a key economic partner for Russia, particularly with the surge in Russian crude oil imports following the conflict in Ukraine. Putin extended an invitation to Indian Prime Minister Narendra Modi to visit Moscow, indicative of the strengthening bilateral relations.
A delegation from the Moscow City Government participated in the Smart Cities India Expo in New Delhi from January 17 to 19, 2024, marking their inaugural presence. Minister Cheremin underscored the extensive history of successful cooperation between India and Russia and highlighted promising areas of bilateral partnership, particularly in information technology and digital economy.
Discussions during the expo centered on intensifying bilateral cooperation in urban development, digital technology integration, education, healthcare, and cultural exchanges. The exhibition showcased Moscow’s innovative solutions in smart city development, emphasizing resource efficiency and citizen welfare. Cheremin also participated in the Fintech India Innovation Awards ceremony, recognizing Indian companies for their contributions to financial technology.
