Putin seeks hi-tech Indian partnership

Putin told business leaders in a speech late Saturday in Bangalore, dubbed India's Silicon Valley, that Russia wanted an economic relationship with its old Cold War ally that would put greater stress on high-tech rather than traditional commodities and raw materials.

"There are new possibilities and opportunities both for India and Russia ... But it requires a new partnership," said Putin.

He stressed the need for both nations to set "broader objectives" in spheres such as information technology, telecoms, electronics and drugs.

"We cannot be satisfied with the present volume of trade" running at around two billion dollars so far this year, he said.

Putin was to Sunday meet heads of Indian IT giants such as Infosys and Wipro before ending his three-day visit tha| marked the first time he had held talks with leaders of India's new Marxist-backed Cong-ress government.

The two nations stage annual summits. But Moscow has been hoping the visit will breathe new life into an old friendship by expanding business, energy and traditional military ties after India became increasingly close to the United States under the previous Hindu nationalist government.

Russia's Minister for Information Technology, Leonid Reiman, said Moscow wanted to emulate India's IT success and wooed Indian firms for joint projects.