NEW DELHI, September 14. /TASS/. The trade turnover between Russia and India in the first half of 2022 showed an unprecedented growth and amounted to more than $11 bln, Russian Ambassador to India Denis Alipov said in an interview with TASS on Wednesday.
"We can say that our trade and economic cooperation is transforming. In the first half of 2022, we saw an unprecedented growth in trade - by July it reached more than $11 bln, and $13.6 bln for the entire 2021. This is a solid figure, which allows us to discuss the likelihood of achieving the goal of bringing the level of mutual trade to $30 bln by 2025," Alipov said.
More than two thirds of trade, he continued, currently falls on fertilizer and hydrocarbon raw material supplies. Although there is already a strong demand in these areas, there are now considerably more opportunities to broaden the economic dialogue as a whole.
The ambassador noted that there are certain trends and prerequisites for this. The interest of both Russian businesses in India and Indian businesses in new sectors in the Russian market is growing as issues with securing mutual settlements and logistical support of trade are resolved.
"Against the background of flagship projects, primarily the Kudankulam nuclear power plant in the state of Tamil Nadu, we are also participating in the construction of grain-oriented steel plant in Maharashtra, initiatives oil refining and polypropylene production in the state of Gujarat, modernization of railway, port and airport infrastructure," he said.
He continued by saying that there are plans to increase the supply of pharmaceuticals, agricultural goods, electronics, and automotive parts from India to the Russian market as well as high-tech goods, gold, and precious metals from Russia to the Indian market. Other promising areas of cooperation include the mining sector, civil aviation, and shipbuilding.
"We need unconventional approaches and innovative proposals not only in traditional industries, but also in promising areas - digitalization, fintech, artificial intelligence, hydrogen energy, advanced solutions in urban construction. Considerable efforts will be needed for a deeper mutual adaptation of economic models, including financial infrastructure and the capital market in order to reach a new level of relations," the Russian ambassador said.