"... Somewhere by 2010, we can achieve the level of $10 billion worth of turnover and to increase it by 3.4 times and to double it by 2015.This is quite a realistic task to be achieved," he said in an interview to PTI.

Putin, who is arriving in New Delhi on Thursday on a two-day visit accompanied by a strong business delegation, said the two governments would achieve the results by putting efforts from both the ends by cutting the red tape and providing initiative to the private sector.

On the crucial issue of India's keenness to involve itself in the promising hydrocarbon project Sakhalin III, he appeared to be non-committal.

"Now they (India) are talking about the possibility of the scope of production with Japanese partners and partners from other countries. Once again, the scope of possibilities and projects is very rich. Therefore, it is the corporate business, which needs to address those issues. And the state is there to provide assistance," he said.

The Russian leader said as part of strengthening the strategic relationship between Russia and India there were serious plans for cooperation in high-tech, space research, aviation, construction of ships, energy, including nuclear energy.

He said the trade between the two countries was "still very low" at a level of $3 whereas against China alone it was $20 billion last year with plans to raise it to $ 60 billion.

With some European countries, whose economic potential can hardly be compared to that of India, the turnover was 5-6 times higher than that of India. Putin said the problem with both the countries was the "legacy of the archaic economy and too much of bureaucracy".

Direct contacts should be established between the private sectors with support from the government, he said expressing confidence that it would yield positive results. He said as a practical opportunity the two countries could rely on the use of the Rupee debt of India before Russia in order to expand those investments.

"Here I would like to put emphasis on development of hi-tech because the expenditure on transport and other means in these is minimum. Therefore, both services and goods in this sphere of hi-tech are not that much overburdening the economy from logistical point of view."

The Russian President expressed confidence that finance ministers of both the countries would reach agreements, which would make it possible to use those tools with application of these debt procedures to achieve results. On Russian investment in India, he said the domestic economy was on a higher growth path with budget and foreign trade surpluses.

"The stabilisation process in the government had been augmented. But we do not pursue any government-based aggressive policies in other spheres," he said adding, by and large Russian foreign investments were made by private companies.

"Many of our companies have a stake in investment in India. If necessary, we are ready to lend a helping hand," he said adding telecommunication is an area where Russian companies were interested. This is one of the issues on the agenda during the visit," he said.

Asked if there were reservations in Russia about cooperating with India in the promising Sakhalin III project, Putin said what sets Russia apart from the OPEC countries was that the energy sector was not in government sector.

"The bulk of the sector is in the private sector. All leading oil and gas companies of the world are working on the territory of Russia Federation including Indian partners, who are working on Sakhalin project."

Putin said, "Russia is ready to be part and parcel of the world leader based on those rules for a safety provided by the multi-polar road. That is to say that we are not intending to become some kind of a super power with special rights but to be equal among equals."

Asked if as an economic superpower with military might could not qualify Russia to be a superpower, he said his country needed this economic and military might only as a guarantee for abiding by international rules and norms to protect the interest of one and all.

On cooperation between Brazil, Russia, India and China and RIC countries, Putin said these abbreviations were not invented in these countries but by international investments which computed that by 2050 their economies would have a major impact on the world economy.

"And they are right about it and this is exactly what is going to happen. We should be fully aware of our responsibilities. The world is multifaceted and is not restricted to just G-8, EU or NATO," said the Russian President.

He said there was large scope for interaction with these countries and the US. "Our priorities are our relationship with India, China and Latin America. And such a format turns out to be productive."

The President said the ministers of foreign affairs had been holding consultations for a number of years and "to the best of my knowledge there is a plan to have a tripartite format of consultations in February."