India seeks Russian investment as industry calls for joint action to avert slowdown

11 February 2008

Mumbai: India is pitching for increased investments from Russia, especially in the proposed petrochemical and petroleum investment regions (PCPIR), as both countries seek to widen bilateral economic engagement during Prime Minister Victor Zubkov's visit to this country this week.

Industry association Assocham, meanwhile, suggested a joint action plan along with Russia and the other two BRIC countries to avert an economic slowdown triggered by the US financial crisis.

India and Russia will discuss expansion of business ties and energy cooperation, including nuclear energy and hydrocarbons, during Zubkov's maiden visit to the country.

The two countries will also discuss the escalation in the price of aircraft carrier Admiral Gorshkov.

Zubakov is expected to sign five pacts in the field of aviation and telecom, official sources said.

He will also formally inaugurate the Year of Russia in India.