India-Russia Defence ties set for a lift-up

News:

• The recent hike in FDI limit to 49% is expected to bring more investments, particularly from Russia into the defence sector.
• ASSOCHAM Secretary General Mr D S Rawat said, “Russia has been a trusted and an old friend of India . However, due to geo-political reasons, the country has been isolated by the western world”.
• India-Russia bilateral trade of about $ 7 billion has remained highly skewed for a few items besides the Defence in which investment has also taken place. The bilateral investment has also remained at subdued level of $ 8 billion.
• According to the ASSOCHAM paper, Russia has also been a long standing partner of India in nuclear energy. It recognises India as a country with advanced nuclear technology and an impeccable non-proliferation record.

Source: DefenceNews