**India and Russia Target $50 Billion Investment Goal, Says Indian Trade Minister**
**New Delhi** – Indian Commerce and Industry Minister Piyush Goyal announced on Thursday that India and Russia are actively pursuing a target of $50 billion in investments through a newly established priority investment tracking mechanism. This initiative is currently monitoring 40 projects across various sectors, including advanced manufacturing, energy, mining, railways, and emerging technologies.
Goyal made these remarks during the plenary session of the Russia-India trade and investment fair, INNOPROM, taking place in New Delhi. He emphasized the importance of a bilateral investment treaty that is being fast-tracked to provide the necessary legal certainty for investors looking to make decisions in either country.
To facilitate trade transactions, Goyal highlighted the strengthening of local currency settlement mechanisms, which are expected to streamline financial exchanges between India and Russia.
Russian Minister of Industry and Trade Anton Alikhanov also addressed the session, outlining efforts to enhance cooperation in the aviation sector. He mentioned plans to sell Russian civilian aircraft, specifically the SJ-100 regional jet, to India, and to establish local production facilities. This initiative includes the creation of maintenance facilities and the training of Indian specialists to support the operation of these aircraft.
Additionally, Alikhanov announced that Russian plane manufacturer United Aircraft Corporation (UAC) has reached agreements with three Indian airlines for the sale of up to 105 Il-114-300 regional jets, with plans for local production being developed.
The discussions at the fair also highlighted the importance of technical cooperation, particularly in the railway sector. Alikhanov noted that there is a focus on the joint production of Vande Bharat trains, which are semi-high-speed train sets operated by Indian Railways. This initiative includes plans for modernizing production, establishing an engineering center, and training Indian personnel.
Minister Goyal urged Alikhanov to facilitate greater Indian investment in various sectors, including pharmaceuticals, information technology, artificial intelligence, services, engineering, and railways, to achieve the ambitious $50 billion investment target.
The Indian minister also pointed to the ongoing investments in infrastructure that support the bilateral relationship, mentioning the International North-South Transport Corridor and the Chennai-Vladivostok Maritime Corridor. He noted a recent increase in traffic along these routes, particularly with Indian imports of coal and oil from Russia.
The INNOPROM trade fair is set to conclude on Friday, coinciding with the commencement of the BRICS summit in New Delhi. Russian President Vladimir Putin is expected to attend the summit and visit the trade fair alongside Indian Prime Minister Narendra Modi.
As both nations work towards enhancing their economic ties, the outcomes of the fair and the discussions held may pave the way for a strengthened partnership in various sectors, ultimately contributing to the targeted investment goal.