Economic relations between Russia and India have great potential
“In 2018, the volume of trade
between the Russian Far East and India amounted to 790 million US dollars. The
basis of export is precious stones. Our countries have enormous investment
potential, turnover can increase several times over,” Sergey Tyrtsev, First
Deputy Minister for the Development of the Russian Far East and Arctic.
“Economic relations are
estimated at USD 10 to 11 billion, and there is room for development. Our
leaders have been setting the goal of 13 billion,” Shiv Vikram Khemka, Vice
Chairman, SUN Group.
“Since 2017, we have been
working on the development of Russian-Indian projects in order to achieve the
goal of increasing the trade turnover to USD 30 billion by 2030,” Guruprasad
Mohapatra, Secretary of the Department for the Development of Industry and
Internal Trade, Ministry of Commerce and Industry of the Government of the
Republic of India.
Development of the Russian Far East opens up new prospects for Russia–India
“Yesterday’s bilateral meeting
of our leaders opened a new page in relations between Russia and India,
shifting focus to the Far East,” Venkatesh Varma Datla Bala, Ambassador
Extraordinary and Plenipotentiary of the Republic of India in the Russian
“The Far East is the most
important region for enhancing cooperation not only with our traditional
neighbours, but also for expanding the economic partnership with India,” Dmitry
Kobylkin, Minister of Natural Resources and Environment of the Russian
“Russia is diversifying its
economic ties with Asia in order to integrate its Eastern regions into the
global and Asian markets. Ports are being modernized, passenger and cargo
terminals are under construction, new regulations and legislative framework
have been introduced. Indian industry must seize this opportunity,” Sandeep
Somany, President, Federation of Indian Chambers of Commerce and Industry.
Russian and Indian business are interested in expanding relations
“We are interested in working
with Indian companies; for us, India is a very important investment partner. We
are ready to work with Indian partners on transit and low depth projects,
<...> we are interested in Indian investments in exploration projects in
Russia. We could expand our joint activities to other countries as well,”
Sergey Gorkov, General Director, Chairman of the Management Board, Rosgeologia.
“We believe in the development
of those deposits, on which we signed an agreement of intent with Rosgeologia’s
Mr. Gorkov yesterday. We look forward to continued collaboration,” Sunil
Kanoria, Vice Chairman of the Board of Directors, SREI Infrastructure Finance
“Russia is the largest
producer of rough diamonds in the world, India is the largest processor. This
is a strategic partnership, and it was bound to happen inevitably,” Rajesh
Kothari, General Director, M. Suresh Vladivostok.
“We have been working in
Russia for 12 years, we manufacture ceramics and abrasive materials for
industrial purposes. We supply the markets of Europe and other countries with
the products that we manufacture in Russia. This is our outlet,” M. M.
Murugappan, Chairman, Carborundum Universal Ltd.
“We are looking at Russia with
a lot of interest, in defence and aerospace. We are developing the engine for
the battle tank in India, we are supplying bulldozers and dump trucks,” Deepak
Hota, CEO, BML.
“By 2030, we plan to import
140 million tons (of coking coal – Ed.). We decided to acquire coking
coal mining companies abroad, particularly in Russia. I hope all these deals
will be made,” Anil Kumar Jha, Chairman of the Board of Directors, Managing
Director, Coal India Limited.
Russian companies increase their presence in the Indian market
“Our company is Russia’s
largest private investor in India. Over five years of work, we have become one
of the significant players in the Indian venture market,” Vsevolod Rozanov,
Managing Partner, Sistema.
“We successfully sell our
products in the Asia-Pacific markets. For us, the Indian market is that of the
highest interest and priority. Deliveries of psi-coal and anthracite to India
are now underway, while the coking coal niche is virtually unoccupied,” Anna
Tsivileva, Chairman of the Board of Directors, Kolmar Group.
“India is Russia’s important
foreign trade partner in the petrochemical industry. In the composition of
Russian exports to India, petrochemical products take up the fourth place. In
addition, mutual direct investment and cooperation in high-tech industries have
great potential <...> A good example is our joint project with Reliance
on the construction of a butyl rubber and halobutyl rubber plant <...> As
a result, the Indian site will produce 120,000 tons of finished products, which
would allow it to fully substitute its import in India,” Aleksey Kozlov, Member
of the Management Board, Managing Director, SIBUR.
Indian investors are not confident about projects in the Russian Far East
“There is a steady focus on
the development of the Far East. We want to consider the possibility of gaining
access to the oil and gas resources of the Far East. But there are certain
concerns: if we do not make it through the government channel, how comfortable
will the environment be for developing a private project from scratch?” Darshan
Hiranandani, Managing Director, Chief Executive Officer, H-Energy Private.
Lack of support for high-tech projects
“We performed the transfer of
high tech, we introduced the payment system on the Delhi-Mumbai highway. The
question of further replication of this solution is under consideration. Our
company creates high-tech jobs. But we faced the lack of interest in our
business from banks and development institutions,” Anton Zamkov, General
Director, RT-Invest Transport Systems; Director, Digital Transport and
Improving the conditions for investors
“A bill has been drafted for
the second reading in the State Duma, giving the opportunity to grant the right
to use subsoil to the only bidder, transforming tenders into electronic format
and other tools for improving competitive procedures,” Dmitry Kobylkin,
Minister of Natural Resources and Environment of the Russian Federation.
“In recent years, the Far East
has created a system of tax incentives with the lowest taxation in the
Asia-Pacific region <...> Today, 6 projects worth USD 1.8 billion are being implemented in the Far East with the participation of
Indian capital; five of them are being implemented using preferential tax
schemes,” Sergey Tyrtsev, First Deputy Minister for the Development of the
Russian Far East and Arctic.
Comprehensive mutual support for the projects
“One of our goals is to
facilitate the entry of Russian businesses into the Indian markets, and we are
ready to support Indian companies in Russia too. Our ability to work as a bank
in both countries allows us to support all these projects,” Kirill Tsarev, Vice
President, Director of Engineering Customers Department, Sberbank.
“In 2017, we created a special
group called Russia+ to coordinate any investments that come from Russia to
India, and vice versa. We deal with 47 requests from Russia in 18 sectors;
previously we cooperated in 8 or 9 sectors,” Shri Deepak Bagla, Managing
Director, Chief Executive Officer, Invest India.
“We expect the launch of the
Russia–India innovation bridge, which will help bring the start-ups from Russia
and India together. Start-ups will submit their applications, and the winners
will work together to transform them into real business opportunities,” Shri
Deepak Bagla, Managing Director, Chief Executive Officer, Invest India.
“We are working with Skolkovo,
helping Russian companies enter Indian markets. As a start-up platform, we are
creating an incubator for 96 companies, and we provide the platform for Russian
start-ups who want to take their place in the Indian market,” Rajendra
Srivastava, Dean, Indian School of Business.
“We have already discussed the
topics of socially significant infrastructure. We talked about cluster
thinking, about the exchange of specialists between regions, in medicine, in
particular. Without consolidation of shareholders from various regions and
industries, without the support of the authorities, this would not have been
possible,” Sunil Sachdeva, Co-founder, Medanta.
information, visit the Roscongress Foundation’s Information and Analytical
System at www.roscongress.org