Bilateral Trade and Investment : India-Russia [PART II]

Indo-Russia bilateral relations is a ‘Privileged Strategic Partnership’

Russia marks world’s 7th largest economy in terms of purchasing power parity, with FDI flows amounted to USD 51 bn. The richness of Russian Federation in natural resources, particularly hydrocarbons,petroleum,natual gas and gold. By the fact Russia is world largest exporter of natural gas, second largest producer and exporter of oil and third largest exporter of steel.

In context of India, Indo-Russian institutional setup for economic cooperation includes Trade, Economic , Scientific , Technological and cultural. Therefore major imports & exports in various products.

• Majorly Indian Import – Precious Stones[Non-Industrail diamonds and unwrought silver], Fertilizer, Iron & Steel, Mineral Fuel and oils, Metal articles and Rubber
• Major Indian Export    – Pharmaceutical products, Electrical Equipment, Tea, Instant Coffee, Aircraft Engines and Parts, Machinery & Mechanical appliances and Iron & Steel.

Although Russia is one of the closest allies of India but still bilateral trade and investment potential far below. But  the main reason behinds lack of  business knowledge and understanding between the private sectors of two countries. To boost bilateral trade needs private participation in the sectors.

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