India-Russia Must Focus on High-Tech Sector to Push Trade Volume to $ 30 Bn by 2025: Study

India and Russia must focus on cooperation in high-tech sector to push the trade turnover to $30 billion, and mutual investments to $15 billion by 2025, says report of Finnish-Russian artificial intelligence (AI) and Industrial Internet of Things (IIoT) solutions firm ZYFRA.

“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” said Igor Bogachev, CEO of ZYFRA. “Cooperation between Russia and India in AI and IIoT go beyond buyer-seller relationship and will involve sharing best practices, knowledge and innovating jointly; we can work together in third countries as well.”

According to him, ZYFRA is currently looking for reliable partners in India to jointly promote its ZYFRA EYE solution, which allows monitoring unconnected industrial equipment for a fraction of price of the traditional machine data collection installation.

“Russia and India shall focus on development of Computer Vision and Deep Learning powered solutions, which processraw video footage of the dashboards of non-connected industrial machines and other industrial equipment, recognize meters readings and controls positions and convert them to the structured data,” Bogachev added.

ZYFRA achieved $3 million in contracts with its Indian counterparts in 2018, facilitating industrial manufacturers with AI and IIoT-based solutions as well as autonomous vehicles.

“Russia is building Kudankulam Nuclear Power Plant in Tamil Nadu, India. Indo-Russian joint venture BrahMos Aerospace develops state-of-the-art supersonic missiles. Such projects are expected to give a major boost to the artificial intelligence (AI) industries in both countries,” Bogachev added.

The volume of trade between Russia and India exceeded $9 billion last year. The countries set a target of increasing trade turnover to $30 billion and increasing investments to $15 billion by 2025.

ZYFRA develops industrial digitalization technologies, invests in such products and improves the Industrial Internet of Things and Artificial Intelligence environment. Company’s key fields of industry are machinery, metallurgy, mining, oil & gas and chemical enterprises. We promote readymade industry solutions in predictive analytics and data analysis, tech processes optimization, machinery and floor staff monitoring.

Traditionally, facilities in Metal & Mining industry are equipped with many sensors and SCADA system. Huge volume of the information is stored on the servers, factory spent money for storing and has nothing in return. ZYFRA AI products study and enrich the information and, based on present day integration with SCADA.

Most of refineries and chemical plants work in hard conditions when many factors such as weather, raw materials quality or catalyst aging have an influence on production process. It is necessary to synchronize people and work of production units with complex approach.

ZYFRA provides data-driven solutions to increase level of safety, information availability, reduce losses and costs, increase quality of products and semi products. ZYFRA achieves it by using up-to-date data-connectivity instruments and statistical analysis of industrial data with machine learning algorithms. ZYFRA solutions help customers to optimize typical production units such as furnaces, distillation columns, bed reactors and others which results in up to 5% cost reduction.

Source: ET

Image Courtesy: TIE