Study of the Development and Strategic Prospects of Russia-India Trade and Economic Relations

Abstract

Introduction. Current conditions convincingly illustrate that the increasingly complex foreign policy situation, the presence of local military conflicts and the expected global economic crisis require the search for reliable and mutually beneficial partners for the Russian Federation (RF) not only to counter external pressure, but also for further sustainable development. One of such promising partners of the Russian Federation in economic, political and cultural aspects is the Republic of India (RI). Goal. The study aims to conduct a scientific analysis of the current features and strategic prospects for the development of trade and economic relations between the Russian Federation and the Republic of India (RI). Materials and methods. The works of Russian and foreign scholars and analysts dealing with the development of Russian-Indian trade and economic relations served the methodological basis of the study. The methods of monographic research and economic analysis were applied during the study. Results and discussion. It is shown that the strategic autonomy of the Republic of Ingushetia as a leader of the Third World countries is giving way to active development of strategic partnership between India and Russia as two global powers. The nature of coordination of factors of strategic partnership between Russia and India is shown. The analysis of publicly available data reflecting the main aspects of development of foreign economic activity between the Russian Federation and the Republic of Ingushetia is conducted. The factors determining the current state of trade and economic relations between Russia and India are considered. Barriers to mutual trade between the Russian Federation and the Republic of Ingushetia are identified. Prospects for development of economic cooperation between Russia and India are considered. Conclusion. Based on the results of the study, it can be concluded that modern Russian-Indian trade and economic relations have a wide range of areas of mutual cooperation, specifically in six industries and spheres: 1) energy; 2) defense; 3) investments; 4) innovative technologies; 5) infrastructure; 6) education and culture. Conducting further research to study the influence of each of the identified areas of cooperation opens up opportunities for activating and intensifying the development of Russia-India relations.