India, Russia aim to strengthen trade ties

Commerce and Industry minister Nirmala Sitharaman held talks with her Russian counterpart Denis Manturov on measures to boost bilateral trade and investment ties including in sectors such as high-end engineering.

An official statement on Monday quoted Ms. Sitharaman — who is leading a business delegation to Russia — as saying, “There is a strong potential for growth in India-Russia bilateral trade. Be it high-end engineering, or manufacturing, India is moving towards being synonymous to quality, reliability and durability.”

Indian firms including Bharat Forge, Sun Group, NTPC and NHPC are participants at INNOPROM 2016, the largest annual international industrial trade fair of Russia. EEPC India chairman T.S. Bhasin said manufacturers would exploit all possibilities to showcase Indian engineering.

India has reached out to major Russian firms engaged in defence and pharma for investment