India and Russia to Finalize Worker Mobility Agreement
New Delhi: India and Russia are set to sign a major agreement focused on worker mobility during their upcoming summit in New Delhi next month. This pact aims to safeguard the rights of the increasing number of Indian workers in Russia and is expected to boost the presence of Indian professionals in the country.
With Russia experiencing a decrease in its population, the country is eager to attract more Indian workers. Currently, many Indians are employed in construction and textiles, but there is a rising need for skilled labor in sectors like machinery and electronics.
According to reports, by the end of 2025, over 70,000 Indians are anticipated to be working in Russia, based on a labor quota established by the Russian ministry. Recently, India’s labor minister met with his Russian counterpart in Doha during an international conference, discussing the potential for expanding the Indian workforce in Russia.
Experts believe that the growing Indian community could play a significant role in strengthening India-Russia relations in the future. In line with enhancing economic ties, India has also recorded a significant increase in imports of diamonds and gold from Russia this year.
In August alone, Russia’s diamond exports to India reached $31.3 million, a substantial rise from $13.4 million in the same month last year. However, despite this spike, the overall volume of Russian diamond supplies to India has dropped nearly 40% in the first eight months of this year, totaling $342.1 million.
As the world’s largest rough diamond producer, Russia has long been a vital supplier for India’s diamond cutting and polishing industry. However, recent Western sanctions against Russia’s diamond trade, particularly targeting its primary mining company, Alrosa, have posed challenges for Indian businesses.
Starting January 2024, the European Union and G7 nations have restricted the import of non-industrial diamonds mined, processed, or produced in Russia, which has further complicated matters. Additionally, India’s diamond sector is grappling with a 50% tariff imposed by the US on cut and polished diamonds, which includes a punitive fee tied to Russia’s oil purchases.
