PM Narendra Modi, Vladimir Putin assure industry of steps to boost bilateral trade

Putin, who is on a visit to India, was accompanied by a high-level delegation that includes business tycoons.

By: Press Trust of India | New Delhi | Published: December 11, 2014 7:14 pm
Vladimir Putin Narendra Modi, and Russian President Vladimir Putin, left, shake hands as they pose for photos before a meeting in New Delhi. (Source: AP photo)

Russian President Vladimir Putin and Prime Minister Narendra Modi today assured industry leaders from the two countries of measures to enhance bilateral trade and investments.

Among those who attended the meeting included Shashi and Ravi Ruia of Essar Group, State Bank of India’s chairman Arundhati Bhattacharya, L&T chief A M Naik, Mahindra Group Chairman and Managing Director Anand Mahindra and CII Director
General Chandrajit Banerjee.

Putin, who is on a visit to India, was accompanied by a high-level delegation that includes business tycoons.

Representatives of India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure.

“The meeting was good. The leaders assured us that they will make all efforts to resolve issues to facilitate trade and investment,” said an industry representative.

The bilateral trade between the countries stood at USD 6 billion in 2013-14. India has received USD 935.68 million during April 2000 and September 2014.

Later both the leaders inaugurated the World Diamond Conference here.

Twelve Indian companies have signed contracts with Russian diamond mining giant ALROSA to source diamonds worth USD 2.1
billion in the next three years.

In one of the biggest oil deals, Essar Group has signed a USD 10 billion contract to import crude oil from Russia over a 10-year period.

Essar signed a deal with Russia’s top crude oil producer Rosneft to buy 10 million tons a year of oil, worth about USD 10 billion, for 10 years beginning 2015.

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  1. Harry Achari
    Dec 11, 2014 at 6:40 pm
    Good move, we hope our bilateral trade will touch 50 billion dollar within five years. But it is very unfortunate that we haven't signed gas pipe line deal with Russia ( India has a huge gas shortage for decades. Some people are ready to pay even double price, just to get gas in houses.) Despite the fact is that the country with 1. 2 billion potion is one of the biggest consumer of gases. Mr. Putin should also make a plan to import Indian goods to Russia and also ensure security for Indian investors in Russia. If India and Russia are capable of the present crisis ( low trade volume) they both can work out to create bilateral to 100 billion dollar within a short span, because the both nations have a high business opportunities, there are a lots opportunities lie untapped. Both leaders are very potent. Hopefully we will open the barrier very soon.