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