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The Dollar Business Bureau  External Affairs Minister Sushma Swaraj said on Tuesday that there is a need to enhance trade, investment and commerce with the extreme eastern parts of Russia or Russian Far East in order to achieve the $30 billion target, set for bilateral trade between the two countries, by 2025.  “The Russian Far East is one of the richest regions in the world and India is among the fastest growing large economies of the world. There is lot that can be done together. When other markets are closing, we need to find new ones and create virtuous cycles of investment. Investment is in the ultimate analysis an act of faith,” Sushma said, while speaking at the India-Russia Business Dialogue at the Eastern Economic Forum ...

The Dollar Business Bureau Prime Minister Modi is on his 6 day tour of 4 nations. On Thursday he is likely to meet President Vladimir Putin seeking to rejuvenate the friendship that India shared with Moscow sometime back. Both the leaders are actively looking to revive the slagging trade between the two countries and resolve the differences over their recent change in global alliances when they meet ahead of a summit in St Petersburg on Thursday. India was a close ally of Russia during the Cold War and Russia was India's largest trading partner, largest arms supplier, providing everything and anything to do with India's defence needs. The relationship underwent a transformation with the collapse of the USSR and India favouring the West to ...

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

The Dollar Business Bureau The Narendra Modi chaired cabinet has been officially informed of a MoU (Memorandum of Understanding) signed between India and Russia for co-operation in the field of science and technology, according to news from the Indian Press Information Bureau. The agreement was one among the nineteen announced and sixteen formally signed during Russian President Vladimir Putin’s visit to India, around the sidelines of the BRICS conference in Goa in October 2016. The agreements were officially announced under the banner of the 17th India-Russia Annual Summit that saw deals ranging from energy to smart cities. Signed by Mikhail Kotyukov, Head of the Federal Agency for scientific organisations (FASO), and Pankaj Saran, Ambassador of India to Russian Federation, the agreement enables the ...

The Dollar Business Bureau After fruitful negotiations between India and Russia as a part of the India-Russia Military Industrial Conference, two agreements were signed between Hindustan Aeronautics Limited (HAL) and United Aircraft Corporation and United Engine Corporation of Russia for long-term technical assistance and spare parts required to service the Russia-originated Su -30 MKI aircraft.  Russia has broadly agreed to enter into joint ventures with Indian manufacturers for a seamless supply of spare parts and components necessary to maintain operational readiness of Russian-origin defence platforms used by the Indian Army.  This positive development was brought about even as Defence Minister Arun Jaitley, in his inaugural speech, called upon Russian firms to extend defence cooperation with India in manufacturing, by sharing defence technology. This is deemed to be essential for the upkeep and up gradation of Russian defence equipment in India's ...

The Dollar Business Bureau  Russia's Trade Minister indicated acceleration of India-Russia cooperation in Aviation as he announced that Russia is open to manufacture components for its Sukhoi super jet in India. He said that the North Asian nation was also in talks with Mahindra and Mahindra regarding the MC 21 aircraft, which is to have its first flight soon.  As he revealed that interiors for Sukhoi super jet are being manufactured by a unit of Mahindra, India's top aerospace company, he also said that Mahindra could take part in the MC 21 project, for production of components as well as interiors.  On the sidelines of International Engineering Sourcing Show (IESS) in Chennai, bilateral talks were held between Russian Trade and Industry Minister Denis Manturov, and Indian Commerce Minister Nirmala Sitaraman. During these talks, both the countries agreed to expand their cooperation ...

PTI Trade ministers of India and Russia are expected to chalk out a roadmap for signing of a free trade pact with the Eurasian Economic Union and take up issues to boost bilateral trade at a meeting at Chennai on February 16. The Eurasian Economic Union includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan. Commerce and Industry Minister Nirmala Sitharaman and her Russian counterpart Denis Manturov are slated to address the India-Russia Business Forum after inaugurating the International Engineering Sourcing Show (IESS). The ministers are expected to take stock of the report of the joint study group on the feasibility of a free trade agreement (FTA) between the India and the Eurasian Economic Union (EAEU) and decide on the timeframe for bilateral negotiations and ...

With military deals worth about Rs 60,000 crore signed and sealed with India here, Russia is hopeful that another big ticket agreement on Fifth Generation Fighter Aircraft will be inked by year-end."The agreement had been completed on our end, we are ready to sign it. It is now down to the Indian side."There are some formalities to figure out, but I think it will be signed by the end of this year," Sergei Chemezov, CEO of Rostec State Corporation, a Russian umbrella organisation of 700 hi-tech civilian and military firms, said here.After a hiatus of nearly a year, India and Russia had in February revived talks on the much delayed FGFA project after a clearance from Defence Minister Manohar Parrikar.Since then, ...