Progress of Priority Investment Projects in the spheres of mining, metallurgy, power, oil and gas, railways, pharmaceuticals, IT, chemicals, infrastructure, automobile, aviation, space, shipbuilding and manufacturing was reviewed.7
- Diamond sector: the signing of new long-term contracts for rough diamond supplies by Public Joint Stock Company Alrosa to Indian companies was appreciated. Recent investments by Indian companies in diamond manufacturing in the Russian far east were also acknowledged.8
- Science and Technology: Further enhancement of cooperation in the field of Information and Communications Technology, particularly in Electronics System Design & Manufacturing, Software development, supercomputing, e-government, public services delivery, network security, security in the use of Information and communication technologies, fin-tech, internet of things, standardization, radio control and regulation or radio frequency spectrum was discussed. Both sides also agreed to revive cooperation under the integrated long term programme for cooperation in the field of science and technology and innovations between the government of the Republic of India and the government of the Russian Federation. A roadmap was for further cooperation between laboratories, academia, universities, institutions and organisations in the scientific and technology areas of mutual priority.9
- Energy: The importance of further widening energy cooperation between India and Russia was acknowledged, considering India’s interest in Russian energy assets, including natural gas, as well as in the implementation of joint projects in the field of renewable energy sources.10 The possibility of closer cooperation on hydel and renewable energy sources and energy efficiency to reduce negative impacts if climate change was also discussed.
- Sectors such as aluminum and agriculture were recognised as key areas for collaboration.11
- India conveyed its intention to import fertilizers from Russia.
- Infrastructure: Infrastructure development offers immense opportunities for cooperation between the two companies. The Indian side invited Russian companies to partake in the development of industrial corridors in India, including in the areas of road and rail infrastructure, smart cities, construction of wagons and creation of a joint transportation logistics company.12
Sources: 7, 8, 9, 10, 11, 12