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Despite the declining bilateral trade in recent years, Russia and India remain stable economic partners. Today, the countries are trying to ramp up their bilateral relations – setting up joint ventures, diversifying trade, and developing transportation connections. New opportunities can also be found in the Make in India programme.
For decades, Russia and India have been bound by a wide range of bilateral relations.
India’s investments in the Russian economy (over USD 8 billion) are concentrated in the oil and gas and pharmaceutical sectors. Russia has so far invested USD 4 billion in India, mainly in nuclear energy, technology and transportation.
Make in India, a new industrialisation programme announced by Indian Prime Minister Narendra Modi, has created new prospects for Russian-Indian cooperation.
The main focus areas for its development were outlined at a meeting between Russian President Vladimir Putin and Narendra Modi at the BRICS summit in October 2016:
In 2016, the two countries already launched joint manufacturing of Su-30MKI fighter jets, T-90 tanks and anti-ship missiles. Agreements were reached to supply S-400 anti-aircraft missile systems, build frigates for the Indian Navy and establish a joint venture for manufacturing of Ka-226T helicopters (in 2017, the project is actively underway).
Russia and India will jointly design carrier rockets, and develop satellite navigation and applied space technology.
Vladimir Putin has announced the establishment of a joint Russian-Indian Fund (to which the parties committed USD 500 million each). Its goal is to finance selected investment projects in infrastructure, construction and innovations. According to the President, a total of 20 large projects in these sectors have already been agreed upon.
Development of the partnership is hindered by some issues in bilateral trade.
The key problems are: