India-Russia relationship is entering new phase of technological era: Experts

Speaking to IANS on the sidelines of the India-Russia Business Forum, Borukhov said that previously, trade between the two countries was primarily based on commodity trading.

"I run an investment firm called Realia Capital. Regarding the potential for further development of bilateral relations between Russia and India, I see huge opportunities," Borukhov told IANS.

"Now, this relationship is entering a new phase, a technological era. Previously, the partnership was primarily based on commodity trading," he added.

Meanwhile, Nivruti Rai, MD and CEO of Invest India, said that Russia's strength in mathematical modelling, cybersecurity, and defence can be crucial for India.

"My view is, how do we drive growth for India, and who can I partner with to advance growth in technology, investment, and trade? My primary focus is on the top two investments in technology and foreign direct investment to drive growth," Rai told IANS.

"I am particularly looking at Russia for their strengths in mathematical modelling, cybersecurity, and defence, while also exploring ways to leverage AI in defence to enhance Intelligence capabilities," she added.

Meanwhile, India and Russia have agreed on an economic cooperation programme aimed at expanding trade till 2030, Prime Minister Narendra Modi said at a press conference along with Russian President Vladimir Putin.

"We are trying for an early conclusion of the FTA with the Eurasian Economic Union. India and Russia have agreed on an economic cooperation program to expand trade till 2030," PM Modi said after talks with President Putin.

Both countries are working towards ambitious targets set by their leaders of achieving $50 billion in mutual investments by 2025 and $100 billion in annual bilateral trade by 2030.

The two leaders witnessed the signing of multiple agreements between India and Russia, across sectors ranging from fertilisers to food safety and shipping.

Russia has also assured India of uninterrupted fuel supplies as part of the strategy to bolster bilateral ties, President Putin said.

"We are ready to continue uninterrupted shipments of fuel for the growing Indian economy," the President added.