This thing is exaggerated that India does not have anything to offer. India earns plenty in service industry. Russia should engage Indian government to built software based on experience gain working for Western firms. there are so many Indians working in Gulf where western software dominant and that is on top of Indian PHDs and experience health professionals.LOL!
All that big talk (especially in India) about Russia and India trading in Ruble and Rupees. What happened? Why the Russians don't want so many rupees in their bank accounts? Its good old economic sense. There is a trade deficit between Russia and India. Russia is actually exporting much more stuff to India (oil, arms, etc) than the other way round. So Russia will eventually collect a surplus of Rupees. But what can the Russians buy with those Rupees? Only Indian exports, which Russia itself is not gonna buy in appreciable quantities to balance the trade deficit. Couple that with the volatility and cumbersome conversion process of the Rupee, its not looking like such a good idea afterall.
But why can the Russian so easily accept Yuan payments instead? Well, firstly because the Yuan can be used to buy useful stuff from China. And there is much more that the Russian want to buy from China than from India. Secondly, the Yuan can be used to buy energy from the Middle East. Good luck using Rupees to buy oil from them. Thirdly, China has the Shanghai Gold Exchange, which means that you could go there to convert your Yuan to Gold.
This is the difference between the Chinese and Indian economies. China has done the groundwork to enable the Yuan to be used in international trade. China has the industry which produces stuff that you need. Stuff that you can buy with the Yuan. While India thinks that its Rupee can do the same thing with big talk and boot-licking. Sorry, to become a leading force in the global economy, you need grown ups, not children.
healthcare is biggest cost of any country.
Mr Rajiv Singh, Additional Secretary, Department for Promotion of Industry and International Trade, Ministry of Commerce and Industry, India, spoke about forging an alliance between the two countries in the sphere of technology that is not only paramount in the advancement of technology in India but would also enable the growth of the bilateral trade between the two countries and will immensely help India maintain the balance of payments.
The second session on 'Smart Cities: India and Russia's Shared Future' focused on the need for India and Russia to collaborate in establishing smart cities. The discussion covered the conceptual understanding of smart cities and ways in which India and Russia could work together to make progress in this field.
Mr Udayan Kanade, Member, Urban Transformation Committee, FICCI, spoke about the Indian government's efforts to establish smart cities and discussed the efficiency of Pune as one of the smart cities in India. He also highlighted the issue of cost versus quality that large corporations face in this field and urged the need to find a solution in this area.
The third session on 'Russia-India: Focusing on Cooperation to Advance Healthcare' held discussions on cooperation to advance healthcare. Mr. Somasundaram Subramanian, General Director, Eurasian Federation of Oncology, highlighted the need for innovation and investment in research and development in the healthcare field.
The fourth session on 'Digitalization in Industry and Microprocessors Invention for the New Wave of Tech Innovation' focused on the need to digitize the industry and establishment of technology that would cater to cyber security issues. Mr Ravi Sachdeva, CEO of Advanced Digital Technologies, in regard of cyber security suggested that prevention is better than cure, therefore earlier development of Al and IT tools is deemed necessary.
