Indo-Russian trade gets a Putin boost | india | Hindustan Times
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Indo-Russian trade gets a Putin boost

india Updated: Mar 14, 2010 01:06 IST
Jayanth Jacob

Russian Prime Minister Vladmir Putin’s 22-hour-trip to New Delhi has gone some distance in adding a strong economic dimension to ties between the two nations.

External affairs ministry officials say a roadmap in strengthening economic ties including in the pharmaceutical sector, getting Russian investments in infrastructure projects and accessing Russian markets for Indian services are in place.

“The visit is noted for the success in taking this vital strategic partnership forward, giving the much needed economic impetus. A host of steps aimed at scaling up the current $7.5 billion bilateral trade to $20 billion by 2015 are set in motion,” said an official.

India has been wooing Russia’s largest diamond company AlRosa for sometime now. “It’s a process of now eight to 10 years now. AlRosa have signed pacts with Diamond India Limited. Two more pacts were signed between private diamond trading companies,” said an official.

Russian state monopoly Gazprom also inked a pact with India’s ONGC on oil exploration in Russia. The signing of pacts in fertiliser sectors is also an important step. But Delhi is keen on expanding the cooperation into pharmaceuticals, besides getting Russian investments into the infrastructure sector.

The Russians have evinced interest in getting Indian private investments in various sectors. And the Russian PM did squeeze in a video conferencing with the captains of Indian business and industry.

Officials said Putin spoke highly of Indian banks and the IT sector and sought greater cooperation from them besides heeding to Indian demand for expanding ties in the hydrocarbon sector.