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

NEW DELHI: 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.

Meanwhile, industry body Ficci also inked an agreement with All-Russian Public Organization 'Business Russia'.

Having identified common objectives of working in close partnership towards strengthening economic ties, identifying new areas of cooperation and stimulating business activities, the cooperation memorandum is bound to intensify bilateral relations between India and Russia, the chamber said.

"Russian technology combined with Indian entrepreneurship and the new government's business-friendly policies can give a big boost to our commercial relations.

"Economic and commercial relations have been the weakest link in our otherwise robust bilateral ties," Ficci President Sidharth Birla said in a statement.