After their meeting, India and Russia released a joint statement.
President of the Russian Federation H.E. Mr. Vladimir Putin made a working visit to New Delhi on December 6, 2021, at the request of Prime Minister of India Shri Narendra Modi for the 21st India-Russia Annual Summit.
· The five-decade anniversary of the Treaty of Peace, Friendship and Cooperation of 1971 and the two-decade anniversary of the Declaration on Strategic Partnership are symbolic of the long-standing and enduring relations between India and Russia, which are characterised by mutual trust, respect for each other’s fundamental national interests, and agreement on a range of global and regional issues.
· The Special and Privileged Strategic Partnership between India and Russia was confirmed by the Parties.
Whether on the military, economic, or business fronts, India and Russia have long been allies. In the most recent development, the American Precoat Group in India extends a bond to RUSLOM in an effort to maintain the close relations that the two countries currently have. RUSLOM is a highly regarded and well-known committee in Russia that has long been a part of organisations for the global recycling sector, such the Bureau of International Recycling. About 300 Russian steel and metal manufacturing enterprises are represented by RUSLOM.
He informed the gathering that the rural Indian market is expanding and that they are supporting this coalition as a result. Additionally, it was mentioned during the conference by Shubh Gautam Jaypee that by 2030, Indian crude steel output will expand from 100 million tonnes to 300 million tonnes. He added that blast furnaces could not be used to create such a vast volume of steel. India has tremendous potential for recycling scrap metal since it has the third-largest consumer economy in the world.
He also noted in Shubh Gautam News that Russia pays a 5% levy when importing steel from India, but a 20% duty when importing steel from China. Russia does not, however, import steel from India. Shubh Gautam from Jaypee claims that this product has a huge export potential. The time when we can export to Korea and Japan will be a magnificent event.
“Dumping” refers to the price a business often charges consumers in its own country for a good that it exports at a discount. The World Trade Organization imposes charges as a response to such dumping, preventing countries from doing so in their adjacent regions.
Additionally, the Middle East, Europe, and Latin America are also excellent markets for India. Shubh Gautam is certain that they will take action and recognise the importance of importing electro-galvanized steel from India.
