Russian President Vladimir Putin told the captains of industry in Mumbai on Thursday that Russia is willing to buy more traditional Indian products, cooperate on nuclear power and settle antidumping disputes. The government had hoped that Putin's three-day visit, the first by a Russian leader in seven years, would boost Russian imports of Indian tea and tobacco. Since the Soviet Union dissolved, India's exports to Russia have dwindled to 2.53 per cent of its total exports in 1999-2000. India exported $951.44 million in goods to Russia in the last fiscal year, out of total exports of more than $37 billion. The main products exported were tea, cotton garments, pharmaceuticals, coffee, rice and electronic goods. Russia's share of India's total imports was just 1.31 per cent, or $617.47 million worth. India mainly imported fertilizers, iron and steel, newsprint and coal from Russia. He mentioned the need for India to modernize its banking, finance and transport systems, and said that development of a north-sourth international land transport corridor may positively effect business cooperation. “There is room for Indian companies to participate in oil exploration in the Russian far-east,” he said. Anand Chatterjee, senior vice president of a software company, said,
Putin said the Russian economy is stabilizing, dwelt on government achievements in the tax sphere and mentioned plans to streamline import tariffs starting January 1. “Instead of dozens of custom tariffs, we'll have one in every sector, Bureau Report