Terming technology as an "important factor" in Indo-Russian economic interaction, External Affairs Minister Yashwant Sinha has said he expects a 'technological boom' in bilateral ties.
With the departure from traditional rupee-rouble trade practice, the two countries will enter into economic interaction where technology would be an "important factor", Sinha said in an interview published by Finansoviye Izvestia (Financial News) on Monday.
"I expect a 'technology boom' in the economic ties of our countries. Technologies would become a systemic factor of the future relations of our two countries," he said.
Sinha concluded his six-day Russia visit on Sunday during which as the co-chairman he presided over the ninth session of Indo-Russian Inter-Governmental Commission on trade, economic, scientific, technological and cultural cooperation on May 15-16 along with Russian Industry, Science and Technology Minister Ilya Klebanov.
The existing system has shrunk bilateral trade from $5 billion in 1991 to $1.2-1.5 billion in recent years.
"Most important thing is to finally come out of the 'rupee-rouble' system and switch over to traditional currencies," Sinha said.
During Sinha's Moscow talks last week, Russia and India agreed to set up a taskforce on converting rupee debt into Russian equity in India.
Moscow has identified steel, coal mining, power and transport among the sectors where it would like to invest the remaining rupee funds equivalent to $3-4 billion for acquiring stakes.
A part of the rupee-debt repayment fund could be used for setting up a venture capital fund for investing in commercialisation of new technologies by small and medium enterprises.
Sinha declined to forecast the future level of economic relations in terms of quantity adding, "Keeping in view that Russia plans to double its GDP by year 2010, India would also like to play its role in this."
