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Russia-India trade sees ‘unprecedented growth’ in first half of 2022: Russian envoy

Trade turnover between Russia and India saw “unprecedented growth” in the first half of 2022 and reached more than 11 billion USD, allowing the possibility of achieving the goal of raising the level of mutual trade to 30 billion USD by 2025, Russia’s top diplomat in India said on Wednesday. Russian Ambassador to India Denis Alipov spoke before the meeting between the President Vladimir Putin and prime minister Narendra Modi on the sidelines of SCO Summit in Uzbekistan this week, where the two leaders are expected to discuss issues of strategic stability, the situation in the Asia-Pacific region and bilateral cooperation within the framework of the UN and G20.

“It can be said that our economic and trade cooperation is transforming. In the first half of 2022, trade has grown like never before – by July reaching more than 11 billion USD and 13.6 billion USD for both 2021. This is Alipov telling state news agency TASS.

He said more than two-thirds of the trade now falls into the supply of raw materials and hydrocarbons. While there has been strong demand in these areas, there are now significantly more opportunities to expand economic dialogue as a whole, he added.

The envoy noted that there are several trends and prerequisites for this. He added, the interest of both Russian businesses in India and Indian businesses in new sectors of the Russian market as the issues of securing joint arrangements and logistical support for trade are resolved. handle.

“Amid the flagship projects, mainly Kudankulam nuclear power plant in Tamil Nadu state, we are also engaged in construction of grain-oriented steel plant in Maharashtra, oil refining and polypropylene production initiative. in the state of Gujarat, modernization of railway, port and airport infrastructure,” he said.

Alipov added that there are plans to increase the supply of pharmaceuticals, agricultural goods, electronics and auto parts from India to the Russian market as well as high-tech goods, gold and precious metals from Russia to the Russian market. Indian school.

The diplomat said that other promising areas of bilateral cooperation include mining, civil aviation and shipbuilding.

“We need unique approaches and innovative proposals not only in traditional industries but also in promising areas – digitization, fintech, artificial intelligence, hydrogen energy, advanced solutions in urban construction. Significant efforts will be needed to deepen mutual adaptation of economic models, including financial infrastructure and capital markets, to achieve a level new relationship,” added the ambassador.

Alipov also said that Russia and India have engaged in an active dialogue on mutual recognition of the Mir and RuPay payment systems.

He said: “We are engaged in an active dialogue on this. It is about the synchronization of the payment system, when Russians can use Mir cards in India and Indian citizens. India can use RuPay cards in Russia”.

“We shouldn’t guess when this will happen, but the need for this is strong on both sides,” he said.

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