INDIAN-RUSSIAN ECONOMIC COOPERATION
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INDIAN-RUSSIAN ECONOMIC COOPERATION
Annotation
PII
S0321-50750000616-3-1
Publication type
Article
Status
Published
Authors
Natalia V. Galistcheva 
Pages
10-15
Abstract
The article highlights the Indian-ussian economic cooperation, its main problems and perspectives in the1990-2000s, during the period of liberal economic reforms in both countries. The author draws attention to changes of scales of the economic cooperation between the two countries and to weakening of the Russian vector in the system of priorities of the Indian external economic policy. Although both countries managed to increase the volume of bilateral trade to $7 bln in 2001-2014, the share of Russia in the Indian external trade in this period according to the Indian customs statistics decreased from 1,45% to 0,9%. The statistical analysis shows that the share of hi-tech production in the bilateral trade is small, the turnover consists mainly of raw materials and of the narrow nomenclature of goods which are rather sensitive to the market condition.The author emphasizes that reducing the Indian- Russian ties started in the early 1990s, when the political and economic establishment of India began to realize that during the economic crisis, destruction of the economic ties between Russia and the new states, which had been previously the members of the USSR, orientation of Russia in the economic relations increasingly on the European states and the USA it would be difficult to maintain the former level of interaction between India and Russia. The financial and economic crisis in India in1991/92 fiscal year and the start of liberal economic reforms pushed the Indian Government to find the alternative ways of cooperation and to turn towards the EU, Japan, the ASEAN-countries and later towards the USA, and China.
Keywords
Indian economy, Indian external economic policy, Indian-Russian cooperation
Date of publication
01.05.2015
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0
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133
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