Chennai: Russia and India must focus on intensifying hi-tech cooperation to bring the trade turnover to $30 billion, and mutual investments to $15 billion by 2025, a report said.
Released by industrial Internet of things (IIoT) solutions firm ZYFRA, the report sates that cooperation between Russia and India in AI and IIoT go beyond buyer-seller relationship and will involve sharing best practices, knowledge and innovating jointly, the nations can work together in third countries as well.
According to CEO of ZYFRA, Igor Bogachev, ‘Innovations should become a point of growth of Indo-Russian relations. We see significant potential for introduction AI-based solutions in such industries as metals and mining, oil and gas, chemicals.’
The volume of trade between Russia and India exceeded $9 billion last year and the countries set a target of increasing trade turnover to $30 billion and increasing investments to $15 billion by 2025.
The report notes that projects like Kudankulam nuclear power plant in Tamilnadu, development of Brahmos supersonic missiles, etc give a major boost to the AI industry in both countries.
“Russia and India shall focus on development of computer vision and deep learning powered solutions, which process raw video footage of the dashboards of non-connected industrial machines and other industrial equipment, recognise meter readings and control positions and convert them to the structured data,” Bogachev said.