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NIFTY23,4060.33%
SENSEX74,3460.41%
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PHARMA24,0870.33%
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REALTY762.601.39%
ENERGY40,1970.02%

India and Russia Strengthen Steel Sector Cooperation Amid Global Supply Chain Challenges

India and Russia held a round table on Thursday to enhance cooperation in the steel sector, amidst global supply chain challenges. According to an official release from the Steel Ministry, a Russian delegation, consisting of representatives from industry and related sectors, joined their Indian counterparts for discussions.

The meeting enabled constructive engagement and exchange of views on key steel sector issues, including raw material sourcing, technological collaboration, equipment manufacturing, and research opportunities. The discussions were co-chaired by the Secretary, Ministry of Steel, and Mikhail IURIN, Deputy Minister of Industry and Trade of the Russian Federation.

During the meeting, both sides discussed various aspects of bilateral cooperation and reviewed the existing engagement between the two countries. The discussions focused on broad areas concerning the steel sector and related industries, with a view to further strengthening cooperation.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The interaction also enabled both sides to gain a better understanding of each other's perspectives and explore possibilities for continued engagement in the sector. The importance of sustained dialogue and cooperation was emphasized during the meeting.

CountrySteel Imports (2022)Steel Exports (2022)
India7.4 million tonnes2.5 million tonnes
Russia1.2 million tonnes2.8 million tonnes

The discussions were held in a cordial and constructive atmosphere, reflecting the longstanding partnership between India and the Russian Federation. Both sides expressed their intent to continue engagement and further strengthen cooperation in the steel sector.

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