There is a significant potential for introduction of AI-based solutions in metals and mining, oil and gas and chemicals industries
The cooperation between India and Russia in artificial intelligence (AI) and Industrial Internet of Things (IIoT) to go beyond the buyer-seller relationship and will include sharing best practices, knowledge and innovating jointly, according to a latest report by Finnish-Russian firm ZYFRA.
India and Russia must focus on intensifying their cooperation in the high-tech segment to push the trade turnover to US$ 30 billion and joint investments to US$ 15 billion by 2025, the report said.
Commenting on the findings, Igor Bogachev, CEO of ZYFRA, said, “Innovations should become a point of growth of Indo-Russian relations. We see significant potential for introduction of AI-based solutions in such industries as metals and mining, oil and gas, chemicals.”
Focus on tech-powered solutions
“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 meters readings and controls positions and convert them to the structured data,” he said.
According to Bogachev, projects such as Kudankulam Nuclear Power Plant in Tamil Nadu and joint development of state-of-the-art BrahMos supersonic missiles, are likely to give a major push to the AI industries in the two countries.
Trade volume to grow
In 2018, the trade volume between India and Russia crossed US$ 9 billion. The two countries have set a target of US$ 30 billion of trade turnover and investments of US$ 15 billion by 2025.
In order to jointly promote its ZYFRA EYE solution, ZYFRA is looking for reliable partners in India. The solution enables monitoring of unconnected industrial equipment at cheaper rates.
In 2018, the company bagged US$ 3 million in contracts with its counterparts in India, enabling industrial manufacturers with IIoT and AI-based solutions, along with autonomous vehicles.