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Tezzbuzz Desk– A bilateral meeting was held between Prime Minister Narendra Modi and Russian President Vladimir Putin at Bharat Mandapam in New Delhi on Friday. This meeting took place a day before the BRICS summit. In the meeting, special emphasis was laid on strengthening the political and strategic relations as well as economic partnership between the two countries.

India and Russia have set a target of increasing bilateral trade to US$ 100 billion by 2030. At present the annual trade between the two countries is about 60 billion dollars. In such a situation, there is a plan to increase the trade by about 40 billion dollars in the next four years.

Target to increase business by 2030

Crude oil imports from Russia play a major role in the current trade between India and Russia. Now both the countries do not want to limit the business only to oil and energy, but are also preparing to increase cooperation in new areas.

Union Minister Piyush Goyal had said on September 10 that to achieve the target of $100 billion, continuous double-digit annual growth in trade between the two countries would be necessary. For this, work can be done on identification of new business areas, better access to the market and increasing the sales of Indian products in Russia.

Cooperation will increase from railways to steel

Increasing industrial cooperation between India and Russia was an important issue of the meeting. INNOPROM Trade Fair organized in New Delhi is being considered an important platform for new partnerships between the companies of the two countries.

There was discussion on increasing cooperation in the entire value chain of railways, tunnel construction and steel sector. Apart from this, emphasis was also laid on increasing direct business opportunities between the companies of the two countries and making it easier for Indian goods to reach the Russian market.

New possibilities in nuclear energy

India and Russia are also moving towards strengthening cooperation in the field of civil nuclear energy. This partnership may include issues like supply of nuclear fuel, technical cooperation and long-term support to nuclear projects.

Nuclear energy is important for both countries as a clean and reliable energy source. In such a situation, increasing cooperation in this field can help in meeting the energy needs of India.

Indian skilled workers can increase in Russia

The issue of Indian skilled workers going to Russia also came up in the meeting. Both countries are considering creating a system through which more skilled Indian workers