Commerce and Industry Minister Suresh Prabhu on Friday called for a government-to-government agreement with Russia to facilitate import of diamonds, keeping in mind the benefits that can be availed by both the countries.
While India is the largest importer of raw diamonds and a hub for cutting and polishing the stone, Russia houses massive diamond reserves. Owing to the flourishing industries, Prabhu said the two countries will reap huge benefits by entering into an agreement.
"If we can work out a government-to-government agreement in which we import in a manner that does not adversely impact the balance of payment and we will meet our demand, Russian exports will increase to India. We import it, process it and re-export it, and both get benefitted," he said while speaking at the India-Russia Business Summit organised by the Confederation of Indian Industry (CII).
Talking about Russia's keenness to export timber to India, the Union Minister said that both the countries can work out a mechanism for the same. He also said that there is a tremendous scope in the infrastructure sector as well.
Furthermore, Prabhu informed that a single window system has been worked out to facilitate Russian investments in India.
During the 15th Annual Summit between India and Russia in 2014, Prime Minister Narendra Modi and Russian President Vladimir Putin had set a target of 30 billion dollars worth of bilateral trade by 2025.
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