Russia wants to invest and increase the production of trains and their parts in India to satisfy the surging domestic demand. It wants to increase its economic relationship with India, which has been one of the top economies that has not significantly slowed its trade with Russia after Russian President Vladimir Putin declared an invasion of Ukraine 36 months ago. Now, Putin plans to invest in locomotives in India.
The exponentially expanding trade and cooperation between India and Russia could soon get a new booster, with the two friendly nations looking to sign a pact on rail manufacturing.
Russia is eagerly looking forward to investing in train and component manufacturing facilities in India, reports the Times of India, in an effort to cater to its growing domestic demands.
Interestingly, this comes within a week after an expression of interest from Russian railway major TMH.
The report quoted an unnamed top Indian government official as saying that Russia has “huge domestic requirements” and wants to set up manufacturing facilities in India to meet those requirements.
Speaking to a group of Indian journalists in Moscow, TMH CEO Kirill Lipa listed three reasons Russia is interested in investing in and expanding train and component manufacturing in India for its domestic use.
1- “The current interest rate in India is very different from that of other countries, so we are interested in and ready to invest in India,” he said.
