Economic news

Russia talks up business with India as Modi visits Moscow

2024.07.09 10:46

MOSCOW (Reuters) – Russia and India agreed to increase cooperation in sectors ranging from nuclear power to shipbuilding and discussed how to fix payments problems as their leaders met in Moscow on Tuesday.

Indian Prime Minister Narendra Modi is on a two-day visit to Moscow and met Russian President Vladimir Putin at an event that also saw state-owned Russian enterprises announce deals and tout plans for projects involving India.

Russian state nuclear corporation Rosatom said it was discussing building six more nuclear power units in India; the Russian Direct Investment Fund (RDIF) inked pharma, shipbuilding and education agreements; and Russia’s second-largest bank spoke of efforts to ease payment flows as trade between the two nations increases.

Under a barrage of Western sanctions over the conflict in Ukraine, Russia has pivoted away from European countries to what it calls “friendly” nations such as India and China to diversify and reorient trade flows.

Putin, joining Russian businesses in the charm offensive, bestowed on Modi the Order of St Andrew, Russia’s highest honour.

Construction of the first two units of India’s Kudankulam Nuclear Power Project, which uses Soviet-designed VVER-1000 reactors, began nearly two decades ago in the southern state of Tamil Nadu as part of a project signed by both countries.

Rosatom said new areas of cooperation were being discussed – the construction of six more high-power units of Russian design at a new site and some Russian-designed small nuclear power plants.

Rosatom and Indian partners were also discussing developing the transit potential of the Northern Sea Route (NSR), which runs from Murmansk near Russia’s border with Norway eastwards to the Bering Strait near Alaska, particularly concerning supplies of Russian oil, coal and liquefied , Rosatom said.

Russia hopes the NSR will transport 150 million metric tons in 2030, up from 80 million tons this year.

SHIPBUILDING, PHARMA, PAYMENTS

The RDIF and India’s Enso Group agreed on a partnership for joint investments worth up to 20 billion roubles ($227 million) in infrastructure development for shipbuilding, Russian agencies reported.

Many Russian companies see huge potential in India, RDIF chief Kirill Dmitriev told reporters on the sidelines of the Putin-Modi meeting. Other deals in education and pharma were agreed, he said.

A major stumbling block to trade has been payment flows. VTB Bank CEO Andrei Kostin said there was constructive dialogue on the issue but acknowledged lingering problems.

© Reuters. Russia's President Vladimir Putin and India's Prime Minister Narendra Modi visit the Atom pavilion at the Exhibition of Achievements of National Economy (VDNKh) in Moscow, Russia July 9, 2024. Sputnik/Gavriil Grigorov/Pool via REUTERS

“There are, of course, problems linked to sanctions, there are problems related to the incomplete convertibility of the rupee, there are problems related to … a wide range of trade and economic relations, there is unbalanced trade,” Kostin told reporters.

($1 = 88.2455 roubles)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 64,914.39 1.65%
ethereum
Ethereum (ETH) $ 3,464.26 1.21%
tether
Tether (USDT) $ 1.00 0.20%
bnb
BNB (BNB) $ 576.99 0.57%
solana
Solana (SOL) $ 162.03 3.73%
usd-coin
USDC (USDC) $ 1.00 0.19%
staked-ether
Lido Staked Ether (STETH) $ 3,463.67 1.81%
xrp
XRP (XRP) $ 0.579792 8.16%
the-open-network
Toncoin (TON) $ 7.34 2.74%
dogecoin
Dogecoin (DOGE) $ 0.126075 3.83%
cardano
Cardano (ADA) $ 0.440486 0.65%
tron
TRON (TRX) $ 0.133881 3.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 4.35%
avalanche-2
Avalanche (AVAX) $ 28.76 5.13%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,914.39 1.86%
polkadot
Polkadot (DOT) $ 6.37 0.66%
chainlink
Chainlink (LINK) $ 14.32 1.42%
bitcoin-cash
Bitcoin Cash (BCH) $ 389.70 0.46%
near
NEAR Protocol (NEAR) $ 6.18 8.75%
uniswap
Uniswap (UNI) $ 8.20 3.38%
litecoin
Litecoin (LTC) $ 72.94 2.14%
leo-token
LEO Token (LEO) $ 5.85 0.03%
dai
Dai (DAI) $ 1.00 0.17%
pepe
Pepe (PEPE) $ 0.000012 17.38%
matic-network
Polygon (MATIC) $ 0.548514 2.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,617.18 1.91%
internet-computer
Internet Computer (ICP) $ 9.53 1.22%
kaspa
Kaspa (KAS) $ 0.181741 0.07%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45 6.84%
ethereum-classic
Ethereum Classic (ETC) $ 23.68 1.61%
ethena-usde
Ethena USDe (USDE) $ 0.999161 0.21%
aptos
Aptos (APT) $ 7.11 5.32%
stellar
Stellar (XLM) $ 0.107266 3.86%
monero
Monero (XMR) $ 161.79 1.97%
blockstack
Stacks (STX) $ 1.91 0.91%
hedera-hashgraph
Hedera (HBAR) $ 0.076975 0.16%
maker
Maker (MKR) $ 2,954.07 0.04%
filecoin
Filecoin (FIL) $ 4.57 5.07%
render-token
Render (RNDR) $ 6.55 0.52%
okb
OKB (OKB) $ 42.84 3.16%
vechain
VeChain (VET) $ 0.031695 2.70%
cosmos
Cosmos Hub (ATOM) $ 6.52 2.84%
mantle
Mantle (MNT) $ 0.777751 1.67%
crypto-com-chain
Cronos (CRO) $ 0.094766 0.36%
arbitrum
Arbitrum (ARB) $ 0.759931 2.81%
injective-protocol
Injective (INJ) $ 24.15 6.79%
immutable-x
Immutable (IMX) $ 1.51 0.66%
sui
Sui (SUI) $ 0.874334 6.40%
dogwifcoin
dogwifhat (WIF) $ 2.20 11.52%
bittensor
Bittensor (TAO) $ 298.93 0.71%