Points to Remember:
- India and Russia will target $30 billion of annual trade by 2025 and have decided to work on industrial cooperation and create technological and investment partnerships.
- PM Modi and Russian President Vladimir Putin met at Eastern Economic Forum in Vladivostok and announced deals in sectors including energy, defense etc.
- They seek to boost bilateral trade from its current $11 billion.
- India, the world’s third-biggest oil consumer and importer, aims to raise the proportion of gas in its energy mix to 15% in the next few years and diversify its energy supply to hedge against geopolitical risk.
- Government wants to cut India’s oil imports by 10 percent by 2022, is steering efforts to buy foreign energy assets, taking advantage of low global oil prices and a slowdown in China’s overseas acquisitions.
- Among the deals announced on Wednesday, India’s top gas importer Petronet LNG (PLNG.NS) agreed to buy liquefied natural gas (LNG) from Novatek (NVTK.MM) and invest in the Russian company’s future projects. The two companies will also look at joint marketing of the gas as a motor fuel in India.
- Russia, or the Russian Federation, is a transcontinental country in Eastern Europe and North Asia. At 17,125,200 square kilometres, Russia is, by a considerable margin, the largest country in the world
- President: Vladimir Putin
- Capital: Moscow
- Currency: Russian ruble
- Continent: Europe, Asia
Important Possible questions based on above News:
- Recently with whom India has agreed to work on industrial cooperation and create technological and investment partnerships? Russia
- What is the annual trade target to achieve by year 2025 with Russia? $ 30 billion