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5 Oct, 2018 09:15

Russia-India trade turnover to triple by 2025

Russia-India trade turnover to triple by 2025

The volume of trade between Russia and India has been growing and exceeded $10 billion last year. The countries aim to boost trade and investments, according to Russian Economic Development Minister Maksim Oreshkin.

The minister was talking at a plenary session of the Russian-Indian Business Forum in New Delhi. The Russian delegation was headed by President Vladimir Putin, who arrived in India on Thursday on a two-day official visit.

“We have set a target of increasing trade turnover to $30 billion… and increasing investments to $50 billion by 2025,” Oreshkin said.

Statistics show that trade between Russia and India increased by 20 percent in January-July, amounting to more than $6 billion.

READ MORE: India suggests setting up special economic zone for Russian companies

Last month, New Delhi suggested setting up a special economic zone for Russian companies. Earlier, the two countries discussed creating a “green corridor” for the smooth transit of goods. They want to create a list of entrepreneurs or companies whose goods will be exempt from regular customs inspections.

For more stories on economy & finance visit RT's business section