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Prime Minister Narendra Modi and Russian President Vladimir Putin
Prime Minister Narendra Modi and Russian President Vladimir Putin

India, Russia discuss production of speciality steel under the Production Linked Incentive Scheme

ANI | Updated: Dec 06, 2021 23:47 IST


New Delhi [India], December 6 (ANI): India and Russia on Monday held a discussion on the production of speciality steel under the Production Linked Incentive (PLI) Scheme in India, and the utilisation of technologies from Russian state steel institutes for steel production in India by private and public sector companies.
Prime Minister Narendra Modi and Russian President Vladimir Putin on Monday held the 21st India Russia Annual Summit.
Following the talks, a 99-point joint statement 'INDIA-RUSSIA: Partnership for Peace, Progress and Prosperity' was issued.
"The completion of 5 decades of the 1971 Treaty of Peace, Friendship and Cooperation and 2 decades of Declaration on Strategic Partnership is symbolic of the long standing and time-tested India-Russia relations characterized by mutual trust, respect for each other's core national interests and similarity of positions on various international and regional issues," the joint statement read.
A mutually beneficial MoU for reliable long-term supplies of coal to India for steel production was signed.
"Discussions were held on the production of speciality steel under Production Linked Incentive (PLI) Scheme in India, and utilization of technologies from Russian state steel institutes for steel production in India by private and public sector companies. The Indian side welcomed the interest of the Russian side in learning from India's experience of gainful utilization of coal residues. The sides also welcomed the meeting of the 1st Working Group on Coking Coal in the virtual format in October 2020," the statement read.
The sides appreciated the outcomes of the visit of the Minister of Steel of India to Moscow to attend the Russian Energy Week in October 2021 and welcomed the progress made in a short span in reviving collaboration in coking coal and steel sectors.
"A mutually beneficial MoU for reliable long-term supplies of coal to India for steel production was signed. Discussions were held on the production of speciality steel under the Production Linked Incentive (PLI) Scheme in India, and utilization of technologies from Russian state steel institutes for steel production in India by private and public sector companies," the statement read.
"The Indian Side welcomed the interest of the Russian Side in learning from India's experience of gainful utilization of coal residues. The Sides also welcomed the meeting of the 1st Working Group on Coking Coal in the virtual format in October 2020," the statement added.
The two sides appreciated the resumption of the positive trajectory of bilateral trade, with trade registering an increase of about 38 percent in the first half of 2021 compared to the same period in 2020 despite the pandemic-related restrictions, the statement said, adding that they positively assessed the overall increase of bilateral trade in 2019-20 compared to the previous year.
The sides noted that the bilateral trade does not reflect the potential of strength and depth of India-Russia strategic partnership, according to the joint statement.
The leaders also stressed on the need for greater efforts to achieve the trade target of USD 30 billion by 2025. In this regard, they placed a strong emphasis on new drivers of growth for long-term cooperation.
The sides also underscored the need for the commencement of negotiations on Trade Agreement between India and The Eurasian Economic Union.
The leaders noted the relevance of continued engagement under the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) for bilateral economic cooperation in various priority areas.
"They acknowledged the holding of 12 Working Group and Sub-group meetings under the IRIGC-TEC and instructed the concerned officials to expeditiously conclude meetings of pending Working Groups. The Sides also welcomed the setting up of the new Working Groups and Sub Groups on Transport, Urban Development and Railways and looked forward to the early holding of their inaugural meetings," the statement noted.
The Sides welcomed the holding of the third edition of the India-Russia Strategic Economic Dialogue (IRSED) on April 15 in virtual format.
They noted the productive discussions under this format in the areas of transport, agriculture, digital transformation, tourism, industry and banking and small and medium enterprises. The sides considered the need to look at the way forward for the collaboration under this mechanism.
The leaders welcomed the signing of agreement of Intent between Indian PSUs and Russian company PhosAgro for the supply of fertilizers in the period of 2021/2022 calendar years. They instructed their officials to continue discussions for agreement on long term supply and pricing arrangements, the statement read.
Trade in pharmaceuticals continues to be one of the main items of India's exports to Russia.
Both sides noted with satisfaction the continued strength of this commodity as well as Indian companies' participation in Russia's localization programme under Pharma 2020 and Pharma 2030 schemes.
They recognized the growing collaboration in medical devices as a new promising area of economic engagement in the context of the pandemic. (ANI)

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