Potential of the Russian-Indian economic relationship is huge. But so far the trade volume is not very high. There is a number of problems that are hampered by trade restrictions, logistical and financial difficulties. Russian companies don’t always understand their prospects in India, Indian companies don’t always understand what they can achieve in Russia — Maxim Oreshkin, Minister of Economic Development of the Russian Federation.
We need to create a distinct map of what we must do together. In recent years, we’ve been building a knowledge-based industry. It is necessary to use its potential even better. We have a lot of pharmaceutical products. We must have common projects in this industry — Suresh Prabhu, Minister of Commerce and Industry of the Republic of India.
India is on a steady course towards industrialization, the growth rate of the economy is simply amazing: more than 7% a year. India has long reached the milestone of 2 trillion dollars of GDP and continues to move forward. This means that the strategy has been chosen correctly — Sergei Cheryomin, Head of Department for Foreign Economic Activity and International Relations, Moscow City Government; Chairman of the Board, Business Council for Cooperation with the Republic of India.
The foreign trade volume between Russia and India is about $10 billion. By 2025 this figure should grow to $35 billion. Now the countries cooperate in nuclear power engineering, defense industry, microelectronics, scientific and technical research and other spheres. Building facilities to produce pharmaceutical substances in Russia may become a profitable area for the Indian investors — Vikram Singh Punia, President, Pharmasyntez.
I can see that Russia is doing a great job and is considering the possibility of investing in India. We are going to invest about $250 billion, that’s 10% of our GDP — Suresh Prabhu, Minister of Commerce and Industry of the Republic of India.
The basis of exports to India is aircrafts, primarily military ones. I hope that starting next year we will be able to supply our medium-range МС-21 aircraft to India — Sergei Levchenko, Governor of Irkutsk Region.
Redundant administrative regulation and insufficient awareness of the business community often hinders the achievement of declared parameters in trade and investment — Alexey Gruzdev, Deputy Minister of Economic Development of the Russian Federation.
It is extremely important to create a mechanism for responding to the problems that Indian businesses in Russia are facing. It was decided to create a ‘single window’ principle for the Indian investors on the basis of the Ministry of Economic Development, so that if there are any difficulties with a project that has just been initiated or is already being developed, all questions could be addressed to us. And then we would work with our colleagues from other departments — Alexey Gruzdev, Deputy Minister of Economic Development of the Russian Federation.
We compiled the first list, it included more than 30 barriers from both sides. We agreed to consistently try to address those issues with the involvement of all relevant departments, that various decisions depend on. The first results are already there, thanks to our Indian partners: there were certain problems with the insurance license for one of the major Russian companies. Thanks to that mechanism, the issue has been resolved — Alexey Gruzdev, Deputy Minister of Economic Development of the Russian Federation.
In India, a number of major infrastructure projects is being developed, in which we would like to participate. We’ve already drafted our batch of proposals. We must solve a number of logistical tasks for the sake of comprehensive trade relations. It is necessary to arrange direct flights from Delhi, as well as to open a consular representation of the Republic of India in Chelyabinsk, servicing the entire Ural Federal District. That will trigger business activity and increase mutual tourist traffic — Boris Dubrovsky, Governor of Chelyabinsk Region.
The transport corridor project is strategically important. It will make an impact in several countries simultaneously—not only India, but also Bangladesh, Myanmar, Laos and Vietnam. We must be connected by a network of roads and airways — Chandra Mohan Patowary, Minister of Commerce and Industry, Transport and Parliamentary Affairs, Government of Assam, Republic of India.
The agricultural sector in Russia grew by 10%. We are developing cooperation in this area. We need to think about how to strengthen it. 25 million tons of various agricultural products were processed last year in Indi — Suresh Prabhu, Minister of Commerce and Industry of the Republic of India.