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India-Russia trade turnover to triple by 2025, says Russian minister

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New Delhi, Oct 6: Russia's Economic Development Minister Makshim Oreshkin on Friday (October 5) said the volume of trade between Russia and India has been seeing a rise and surpassed $10 billion last year. Oreshkin, who was speaking at a plenary session of the India-Russia Business Forum in New Delhi, said: "We have set a target of increasing trade turnover to $30 billion... and increasing investments to $50 billion by 2025."

India-Russia trade turnover to triple by 2025, says Russian minister

The Russian delegation on the occasion was led by President Vladimir Putin on came to India on Thursday, October 4, for a two-day visit.

India, Russia sign deal for five S-400 Triumf air defence missiles

Russia's government-aided TV network RT cited statistics as showing that trade between the two traditional allies increased by 20 per cent between January and July, amounting to over $6 billion.

In September, New Delhi suggested establishing a special economic zone for Russian firms, RT further said. "Earlier, the two countries discussed creating a "green corridor" for the smooth transit of goods. They want to create a list of entrepreneurs or companies whose goods will be exempt from regular customs inspections," a report in RT said.

India-Russia economic forum in November

It was also decided during Putin's latest visit that the inaugural India-Russia economic forum will be held in St Petersburg in November, Russian news agency TASS said.

India-Russia can jointly create new technologies than just buying, selling them: Modi

"Today a new strategy of trade and economic cooperation will be presented. It was decided to hold the first Russian-Indian economic forum in St. Petersburg in November," Russian Deputy Prime Minister Yury Borisov told journalists on Friday.

Indian and Russia signed the much anticipated S-400 air defence system deal worth USD 5 billion in New Delhi on Friday.

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