Russia is looking at taking part in India’s industrial program Make in India, Russian Minister of Industry and Trade Denis Manturov told TASS on July 10 ahead of the Innoprom-2016 exhibition, where India is an official partner.
"The ministry of industry and trade commends the Indian government’s measures to reform the country’s economy. The ministry considers its participation in the program Make in India as a new point of growth in terms of cooperation, including industrial cooperation. This program is meant to make India a leader of global industrial production," he said.
He said that currently the two countries are cooperating in such sectors as metallurgy, aircraft-building, car0building, chemical industry and other high technology sectors.
"Currently, Russian exports to India is made up of basically aerospace vehicles and equipment, ferrous metals and articles made of them, components for nuclear energy facilities, a wide spectrum of articles of military technical cooperation," Manturov said. "India exports to Russia mainly pharmaceuticals, machine-building products, coffee, tea, tobacco, spices, garments. Russia and India are partners in the area of peaceful use of nuclear energy. Cooperation in the hydrocarbon sector is a major area of possible cooperation between the two countries."
The Make in India program was initiated by the Narendra Modi government in 2014. In January 2015, Indian Defense Minister Manohar Parrikar invited Russian defense-sector companies to take part in that initiative. The invitation was voiced during an Indian visit by Russian Defense Minister Sergei Shoigu.
Under this project, India plans to attract investment to 25 economic sectors - from tourism to mining. The program offers considerable privileges to foreign investors, including in the defense sectors.
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