PM Modi said friendship between India, Russia was about people, close business relations.

India is committed to becoming a USD five trillion economy by 2024, Prime Minister Narendra Modi said on Thursday at the Eastern Economic Forum summit hosted by Russian President Vladimir Putin.

Addressing the plenary session of the 5th Eastern Economic Forum (EEF) in Vladivostok, Prime Minister Modi said his government with the ''mantra'' of "sabka saath, sabka vikas aur sabka vishwas" is working on building a "New India".

He emphasised his government's commitment to turn India into a USD five trillion economy by 2024 and elaborated some of the steps initiated by the country to achieve this target.

The prime minister, in the presence of Russian President Vladimir Putin, unveiled the "Act Far East" policy to boost India's engagement with Russia's Far East region.

"Let us deepen the bond between India and Russia even further... India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress," PM Modi said.

He appreciated the vision of Vladimir Putin for the welfare for Russia's Far East, saying the President has opened up investment opportunities for India in the region.

"EEF is an example of President Putin's stupendous efforts to further develop the Far Eastern Region and India will support him in this endeavour," he said.

"By declaring the development of the Russian Far East a ''national priority for the 21st century'', President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication," he said.

India on Thursday announced an "unprecedented" USD 1 billion line of credit for the development of Russia's Far East with Prime Minister Narendra Modi vowing that New Delhi will walk shoulder-to-shoulder with Moscow in its quest for the development of the resource-rich region.

PM Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about people and close business relations.