Thursday, Aug 06, 2020 | Last Update : 01:48 AM IST

135th Day Of Lockdown

Maharashtra46826530552116476 Tamil Nadu2734602148154461 Andhra Pradesh1864611043541681 Karnataka151449746792804 Delhi1402321261164044 Uttar Pradesh104388605581857 West Bengal83800589621846 Telangana7095850814576 Gujarat65704485612529 Bihar6203140760349 Assam4816233429115 Rajasthan4667932832732 Haryana3779631226448 Odisha3768124483258 Madhya Pradesh3508225414912 Kerala279561629988 Jammu and Kashmir2239614856417 Punjab1901512491462 Jharkhand140705199129 Chhatisgarh10109761369 Uttarakhand8008484795 Goa7075511460 Tripura5520367528 Puducherry4147253758 Manipur301818147 Himachal Pradesh2879171013 Nagaland24056594 Arunachal Pradesh179011053 Chandigarh120671520 Meghalaya9173305 Sikkim7832971 Mizoram5022820
  Business   Economy  21 Feb 2019  ComMin sets USD 50 billion bilateral trade target with Russia by '25

ComMin sets USD 50 billion bilateral trade target with Russia by '25

PTI
Published : Feb 21, 2019, 5:29 pm IST
Updated : Feb 21, 2019, 5:35 pm IST

USD 50 billion target set for bilateral trade between India and Russia over the next seven years: CR Chaudhary.

The minister said by 2030, the country is expected to become the third largest economy in the world with a huge middle class. (Photo: File)
 The minister said by 2030, the country is expected to become the third largest economy in the world with a huge middle class. (Photo: File)

Mumbai: Junior commerce and industry ministry CR Chaudhary has set an ambitious USD 50 billion target for bilateral trade between India and Russia over the next seven years. As of end-2018, trade between the two countries stood at USD 30 billion. "Our two-way trade have already crossed the USD 30- billion mark, which we had set for 2025. We, therefore, propose that we enhance this to USD 50 billion by 2025," Chaudhary said at the Indo-Russian forum organised by the industry lobby CII here Thursday. He also said both the countries are confident of achieving the target.

The minister said by 2030, the country is expected to become the third largest economy in the world with a huge middle class. But to reach that position, we need more and better infrastructure, access to energy, more goods and services and a modern agriculture sector, he added. "Russia is well placed to meet our needs in these areas as well as others, he said, adding beside businesses, there is a need for collaboration between the two countries on the education sector as well. Addressing the forum, Russian industry and trade minister Denis Manturov said small and medium enterprises are the foundation of the economy of any modern country.

 

"Nearly 22 percent of Russian GDP is coming from SMEs and the target is to take this to 40 percent. The Indo-Russian collaboration will play a major role in achieving this," Manturov said. He said Russia is willing to share its expertise in defence and artificial intelligence with India. Chaudhary said both the nations need to make concerted efforts to reinvigorate their economic cooperation and integrate it with market forces. Our economy is expected to emerge as one of the leading world economies and is likely to become a USD 5- trillion economy by 2025, he said.

There is a need to curate a digital bridge between the two economies so that MSMEs can benefit from it and to create awareness about the two nations to promote more technology and capital transfers, he said. Additional secretary at the Union MSME ministry and development commissioner Ram Mohan Mishra said there are humongous opportunities for both the nations to collaborate and partner in various sector. Logistics and infrastructure is another area where both the countries can collaborate, Mishra added.

 

Tags: cii, confederation of indian industry, commerce ministry, commerce minister, msme
Location: India, Maharashtra, Mumbai (Bombay)