St Petersburg [Russia], June 5 (ANI): Russian President Vladimir Putin has expressed confidence that India and Russia can significantly expand their economic partnership, projecting bilateral trade to reach USD 100 billion in the coming years, across key sectors, including nuclear energy, hydrocarbons and investments.

Speaking on the sidelines of the St Petersburg International Economic Forum on Thursday (local time) Putin said Moscow and New Delhi were aiming for more ambitious economic targets as trade between the two nations continues to grow.

'We hope that in the upcoming years we will reach 100 billion US dollars in mutual trade. It's about 58 or 60 billion US dollars, but we have all the foundations to work more actively and to reach more ambitious goals,' Putin said.

The Russian President pointed to the expanding energy partnership between the two countries, particularly in the nuclear sector, where Russia has played a central role in India's civilian nuclear energy programme (Kudankulam Nuclear Power Plant). The plant is located in Tirunelveli district of Tamil Nadu.

'We are not only talking about our plans in energy, including nuclear energy. Kudankulam Nuclear Power Plant (KKNPP) is now being constructed,' he said.

Putin also indicated that future cooperation would extend beyond nuclear energy into the hydrocarbons sector. 'New platforms will emerge in terms of hydrocarbons. We will be continuing to work together,' he said.

The Russian leader further emphasised the growing investment relationship between the two countries, describing ongoing projects as among the largest foreign investments in India. 'We have one of the largest investment projects in the Indian economy, and we will be doing mutual investments,' he said.

Earlier, on May 2, the Atomic Energy Regulatory Board (AERB) granted permission for major equipment erection at Units 5 and 6 of the Kudankulam Nuclear Power Project in , the Nuclear Power Corporation of India Limited (NPCIL) said in its official statement.

In a post on X, NPCIL described the development as a key milestone in India's nuclear energy programme, adding that Kudankulam Units 5 and 6 reflect the country's commitment to safe, clean and reliable power.

'Landmark progress at Kudankulam...India's nuclear energy programme achieves another decisive milestone. The Atomic Energy Regulatory Board (AERB) has accorded permission for major equipment erection at Units 5 & 6 of Kudankulam Nuclear Power Project (KKNPP),' the post read.

India's civil nuclear cooperation with Russia continues to play a key role in expanding capacity.

Meanwhile, External Affairs Minister S Jaishankar had said in March, 'Russia is our foremost partner in civil nuclear energy and the Kudankulam nuclear project is a stellar example. As India aims to increase its nuclear energy generation capacity to 100 gigawatt by 2047, I am confident that it will find a trusted and reliable partner in Russia for peaceful uses of nuclear energy.'

The KKNPP was also discussed during Russian President Vladimir Putin's visit to India in December last year.

The Russian President had then said, 'We're conducting a flagship project to build the largest Indian nuclear power plant, Kudankulam. Two out of six reactor units have already been connected to the energy network, and four are still under construction. Getting this nuclear power plant to full power output will make an impressive contribution to the energy requirements of India.' (ANI)