Indian Community in Russia Can Play an Important Role in Propelling Economic Ties Between the Two Countries…

The President of India, Shri Pranab Mukherjee attended a reception hosted by Shri P.S. Raghavan, Ambassador of India to Russia for the Indian community today (May 10, 2015) in Moscow.

Addressing the gathering, the President saidthe Indian community in Russia has contributed significantly to the development of close ties of friendship between India and Russia. Interaction between the two countries at the people-to-people level have always been warm and friendly. This has beenexemplified by Russian interest in Indian cinema, culture and heritage and the popularity in India of Russian literature, arts, circus and sciences.

The President said the last fifteen years have seena qualitativechange in India’s relations with Russia. With thesigningof a declaration on India-Russia strategic partnershipin October2000, India established perhaps it’s closest institutionalized ties with any foreign country. This association has since continued to grow and diversify into newer areas.In recognition of the multi-facetedbilateral engagement of the two countries, India today terms itsrelationship a special and privileged strategicpartnership.

The President said total trade between India and Russia is US Dollar 6 billion annually, which is less than 1 per cent of India’s total trade amounting to US Dollar 765 billion. Since April 2000, FDI inflows into India is US Dollar 246 billion, out of which only US Dollar 1 billion has come from Russia. Given the size of the economies of both the countries, there is huge potential to enhance commercial and investment exchanges. Thesynergies and new opportunities arising between the two economies should be fully utilized. The Indian Community in Russia, as repositories of unique information and insights about India and Russia, can play an important role in propelling economic ties between the two countries to a higher trajectory.

This release issued at 1550hrs.