India, Russia to form task forces

Russia wants to invest remaining rupee debt repayment funds equivalent of $3 billion in India.

Sinha is arriving here on Tuesday on a four-day visit, during which he is scheduled to co-chair the regular session of the Indo-Russian Inter-Governmental Commission (IGC) on trade, economic, scientific and technological cooperation on May 15-16.

Setting up of the investment task force would be the main focus of the discussion during Yashwant Sinha’s meeting with the Russian Vice-Premier and Finance Minister Alexei Kudrin.

Another task force is expected to be set up to look after the implementation of the 20-point India-Russia joint declaration on strengthening economic, scientific and technological cooperation signed by Prime Minister Atal Bihari Vajpayee and Russian President Vladimir Putin in New Delhi in December 2002.

This is the first-ever such document signed by India and Russia with any country at the highest political level.

Indo-Russian trade in the post-Soviet era has dropped from $5 billion to a modest level of $1.2-1.5 billion.

India has decided to expand existing trade exchanges by supporting trade and joint ventures in software, telecom, pharmaceuticals, gems and jewellery apart from the traditional basket of tea, cashew and tobacco.

In the run up to the Inter-Governmental Commission session, various sub-groups covering the widest areas of potential co-operation are beginning their meetings on Monday to finalise the agenda.