As Russian president Vladimir Putin arrives here on Wednesday on a two-day visit to lift sagging Indo-Russian relations, on the table also is to declare India's commercial capital Mumbai an international diamond hub. This could catapult their bilateral trade in diamonds from a paltry $611 million to a whopping $5 billion, senior government sources associated with the visit told dna.
Why did Russia chose India for diamond trade?
Sources here said both countries were working quietly to place an agreement on diamond trade to boost diamond market to help more than a million workers engaged in trade in Surat and Mumbai. There is also a possibility that Modi and Putin attend opening of a World Diamond Conference here on December 11. Russia is the world's biggest producer of diamonds. India is the world's biggest cutter and polisher of diamonds with Surat as the hub of this industry. The bulk of Russia's exports of diamonds to Europe have been threatened by the sanctions imposed against it due to Ukrainian crises. Officials here have made it clear that, "India clearly cannot be party to any sanctions against Russia", keeping hopes of diamond trade alive in Moscow.
How many pacts is Putin expected to sign?
Putin will supervise signing of 15 bilateral agreements on varied issues in Hyderabad House on Wednesday. Putin, who will head the 15th Annual India-Russia Summit along with prime minister Narendra Modi may discuss among other key issues the proposed Russia-India gas pipeline, besides the issues in the fields of defence, nuclear energy, customs and banking. His visit may also coincide with talks on construction of third and fourth units for the Kudankulam nuclear power plant as part of a comprehensive review of the Indo-Russia nuclear cooperation. In the defence sector, the two countries will review the progress on the joint production of Fifth-Generation Fighter Aircraft Programme.
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