Russian President Vladimir Putin and Minister of Trade Denis Manturov announced the possibility of increased Russia-India cooperation in various industries in separate interviews ahead of the upcoming BRICS summit in Goa.

The announcements come just days after Russian troops conducted joint exercises in Pakistan as India expressed its opposition over the drills to Russia.

"Russia is trying to develop a new model of industrial cooperation with India," Russian Minister of Industry and Trade Denis Manturov said in an interview with Economic Times of India on Wednesday.

The minister who is expected to attend the BRICS summit this weekend said Russia hopes to enter into joint ventures with Indian states with an eye on aircraft, shipbuilding, automotive construction, metallurgy, and the chemical industries sectors.

"Russia and India are major partners in the sphere of military and technical cooperation. Over 70 per cent of weapons and military equipment used by the Indian Army, Air Force and Navy are of Russian and Soviet production," he said.

The minister said Russian investors value the openness of the Indian economy to direct investment and foreign capital.

"We are closely monitoring the innovations that are being undertaken by India to reform the country’s economy," he added.

The Russian minister informed the Economic Times that plans are underway to "develop a new model of industrial cooperation between Russian and Indian enterprises, create joint ventures, transfer technologies."

Earlier, in an interview in Moscow ahead of his visit to Goa for the five-nation summit, President Vladimir Putin on Thursday said, "India is Russia's especially privileged strategic partner."

"Our countries actively collaborate in the military technical field. Russia remains in the lead in terms of both direct supplies of most advanced weapons and military equipment and conducting joint researches with India, as well as producing goods for military purposes," Sputnik quoted Putin saying.

Putin cited the construction of the Brahmos missiles and development of a new fifth generation fighter aircraft as among the successful joint ventures undertaken by Russia and India.

He also stated that Russia's projects in India "harmoniously fit in the new Indian industrialisation programme," adding that they play great social and economic roles in both countries and are commercially important.

"Russian companies see real prospects and high attractiveness of the Indian market," Putin said.