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Russia Signals Major Increase in Imports and Indian Workforce Demand
A recent update has suggested that economic cooperation could shift between India and Russia following remarks by a top Russian industrialist. It appears that Russian industries have been asked directly to increase their imports from India and are open to any organized Indian workforce recruitment. Surely, and this could imply greater opportunities for Indian exporters or Indian trained manpower.
Why Is Russia Importing More from India?
Russia has been trying to balance the trade relationship with India. In previous years, Russia sold more products to India than it imported. Incentives are in place to convince businesses in Russia to buy more Indian goods in different sectors. Various opportunities would be created for Indian manufacturers, suppliers, and exporters seeking to do business on a much broader scale.
Great Demand for Indian Workers
A significant problem faced by Russia now is the acute labor shortage across manufacturing, construction, engineering, and skilled trades. Industry leaders feel that almost five million foreign workers will be required to meet production and infrastructure needs. The tech-savvy and skilled Indian workers are, therefore, being increasingly considered as the perfect fit for these industries.
The Indian training companies have already started preparing talent pools by upskilling the welders and technicians in Russian equipment and workplace standards. As the demand swells, more structured economic migration avenues may appear.
Opportunities for Indian Companies
Participating Indian industries benefit from the following:
- Pharmaceutical
- Consumer goods
- Machinery and equipment
- Textile
- Processed foods
- Engineering services
With switches to international expansion, the changing global trade landscape between Russia and India may open windows of potential export for them.
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