Putin promises deepening cooperation with India

"Steadily deepening our cooperation with our friends from India is undoubtedly Russia's foreign policy priority. Our bilateral relations have been elevated to the level of special privileged strategic partnership and they continue to develop dynamically," Putin said in his media statement after the talks with Prime Minister Narendra Modi.

"While all issues have all been discussed in the first half of the day and reflected in our joint statement, we intend to deepen our political dialogue to reinforce our business, scientific and technical cooperation as well as manage diplomatic contacts, which has continued for many decades between our two countries," he added.

Putin further said that special emphasis has been given on the current trade and economic issues during today's meeting.

"In 2013, our bilateral trade amounted to USD 10 billion and we believe that it is quite obvious that this is not enough. We have talked in detail the practical measures aimed at diversifying our bilateral trade and at further increasing our investment," said Putin.

"We have agreed to stimulate our companies to cooperate more closely and to work closely to more active conditions to using national currencies in mutual settlements," he added.

The Russian President said new promises and prospects for cooperation will arise on January 1 next year when the Eurasian Economy Union starts to function.

"The Prime Minister has just mentioned that we can build special relations between India and the Eurasian Economic Unions so we have agreed to continue consultations on an agreement for a free trade area," he added.

Expressing his satisfaction following the substantive and constructive talks between both sides, Putin said: "I would like to say that we are content with the way the visit has been conducted and with its outcome. We have had an exchange of opinions on the key issues of both international and regional agendas."