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India-Russia Trade to Cross $30 Billion By 2025: Vladimir Putin

India-Russia Trade to Cross $30 Billion By 2025: Vladimir Putin

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  6 Oct 2018 4:37 AM GMT

New Delhi: As Russian President Vladimir Putin on Friday expressed hope that the mutual trade turnover between India and Russia would grow to $30 billion by 2025, Prime Minister Narendra Modi invited Russia to set up a dedicated defence industrial park in the country. To realise the increase in bilateral trade, Modi said the countries could work more closely in the coming years in the fields of new and renewable energy, nuclear technology and defence.

Speaking at the India-Russia Business Summit here, the Russian President said it was a matter of priority for his government to develop business ties with India. “The mutual trade turnover has been growing sustainably. In 2017, there was a growth of 21 per cent to $9.36 billion. From January to July this year, it gained 20 per cent to reach $6 billion. And we want to achieve $10 billion and more,” Putin said in Russian, which was simultaneously translated into English.

“Both India and Russia are considered to be friends in the area of nuclear energy. Going beyond sale and purchase of technology, now we can work towards developing technology in India under the Make in India programme... In defence field, we can take our old partnership forward and develop products in India,” he said. (IANS)

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