Modi, Putin promise to remove trade hurdles

India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure

Russian President Vladimir Putin and Prime Minister Narendra Modi on Thursday 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 chairperson 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 $6 billion in 2013-14. India has received $935.68 million during April 2000 and September 2014.

Later both the leaders inaugurated the World Diamond Conference in New Delhi.

Twelve Indian companies have signed contracts with Russian diamond mining giant ALROSA to source diamonds worth $2.1 billion in the next three years.

In one of the biggest oil deals, Essar Group has signed a $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 tonnes a year of oil, worth about $10 billion, for 10 years beginning 2015.

Photograph, courtesy: PIB