Russia favours financing of investments in India: Putin

NEW DELHI: Russian president Vladimir Putin said on Thursday that his government is favourably inclined towards financing of investments by Russian companies in India by utilising the money under the rupee-rouble debt agreement.

Detailed discussions in this context would open new vistas of cooperation by using the funds available under the agreement, Putin told CEOs from India and Russia at an interactive session organised by CII, Ficci, and Assocham.

Putin said that there were promising prospects for cooperation between the two countries for enhancing India���s nuclear plant capacity and expressed interest in expanding cooperation in oil exploration, production and supply.

Against the current 20% growth in bilateral trade, the Russian president said Russia-India trade would have to grow by 30% if the $10 billion two-way trade between the two countries was to be achieved by 2010.

Putin was of the view that the Indian government needs to relook the issue of illegal migrants. The Russian president pointed out that Russia had signed an agreement last year with the European Union to liberalise visa regime while also signing an agreement for re-admission of illegal migrants or those who overstay their visa limits.

He asked the Indian industry to put pressure on the government to sign a similar agreement. He was reacting to concerns raised by the Indian CEOs about difficulties faced in obtaining visas to Russia and the suggestion that multiple-entry visas be facilitated.

eacting to a question raised by an Indian diamond industry representative about allowing direct imports of Russian diamonds instead of being routed through Israel and Belgium, Putin said that the Russian government passed a law early this month allowing Alrosa ��� the Russian mining consortium ��� to export rough diamonds to parties other than De Beers as has been the case so far.