"We have asked the Indian government to unconditionally recognise Russian economy as a market economy... we hope to settle this issue with the Indian leadership," deputy Prime Minister of Russia, Alexander D Zhukov, said at a FICCI interactive meet in New Delhi.
Russia has already adhered to WTO regulations, he said, adding several countries including USA and China had already recognised it as a market economy.
India recognises Russia as a market economy only on a case-to-case basis for anti-dumping purpose wherein functioning of an industrial sector in question is investigated, based on which the status of market or non-market economy is conferred.
Market economy status is linked to cost and pricing of products based on market forces and not by state intervention apart from determination of exchange rate by market and application of bankruptcy and property laws on enterprises.
Expressing concern over the "very low" volume of Indian investment in Russia, Zhukov said the trend needs to be reversed and invited more investment in sectors like oil and natural gas, IT, ferrous and non-ferrous metal, construction and metallurgy.
Only ONGC Videsh has made major investment in Russia so far, he said and indicated they had no objection to OVL bidding for Sakhalin-III fields.
