India wants to increase the purchase of Russian liquefied natural gas (LNG) and in general energy, said the Ambassador of the country in Russia, Vennatesh Varma.
According to him, the growth of LNG supplies is already discussed. “We intend to increase the share of imports of Russian energy carriers. At the moment, despite large mutual investments in the energy sector, imports of liquefied hydrocarbons from Russia in India is only one percent. We intend to increase this share,” he said.
Varma explained that India’s economy in the coming years is expected to grow in volumes to ten percent per year, and the consumption of energy resources will increase twice. “So for Russian companies, great prospects are opening to participate in the formation of the energy security of India,” the ambassador emphasized.
In 2020, India also intended to seriously increase the purchases of Russian coal and requested the volume to 40 million tons per year worth about $ 4.5 billion. In June 2021, the Deputy Minister of Energy of Russia Anatoly Yanovsky confirmed that the Asian country requested the supply of coking coal per year in the appropriate volume, TASS reported.
India is the third largest economy of the world, which is now actively opposing China, intending to attract investors. The country intends to additionally accelerate economic growth by investing almost 1.4 trillion dollars in infrastructure. Money will be spent on different types of transport and on the development of logistics, which should support the country’s industry. Large-scale investments are associated with high export goals for this fiscal year: the government is counting on $ 400 billion (at $ 290.6 billion last year).