The recent visit of Sergei Lavrov to India, which we talked about earlier, has already borne fruit. The intermediate goal of Russian-Indian cooperation is to increase trade turnover to $ 30 billion by 2025, and both countries are taking active steps to achieve this result.
The Indian economy is undergoing a deep economic transformation. Over the past 10 years, India's PPP GDP has increased almost 2.7 times: from $ 4 356.04 billion to $ 11 325.67 billion, and the share of the service sector increased to 57.03%. The share of the industrial sector also rose to 24.77%. In India living standards are rising, poverty is decreasing which leads to an increase in the middle class. India is currently experiencing a construction boom, and many experts estimate that India can replicate the Chinese growth rate of the past 30 years. On the sidelines of the Eastern Economic Forum, Indian Prime Minister Narendra Modi said that the country decided to allocate $ 1 billion to Russia to develop the regions of the Far East.
Investing in the Indian economy is a trend set by Russian entrepreneurs. In connection with the expansion of construction and the development of infrastructure, steel and metallurgical products are becoming a necessary commodity, therefore NMLK announced the launch of a transformer steel factory in India, which will increase the share of the domestic market in India by 50% by 2022. NLMK will invest $ 100-150 million by 2020, and after reaching full capacity, the annual output will be 65,000 tons per year.
India is currently interested in buying fertilizers, chemicals (rubber, chemicals, ores, slags, ash), metals (iron, copper, steel, nickel), as far as rural products are concerned, cooperation is ongoing to increase the supply of vegetables and grain. Russia can also offer biotechnologies and technologies used in heavy industries.
