New Delhi, Feb 26 (IANS): President Pranab Mukherjee Thursday said the economic dimension of bilateral relationship between India and Russia has "huge untapped potential".

In an interaction with visiting Russian State Duma Chairman Sergey Naryshkin at the Rashtrapati Bhavan, Mukherjee said the Indian-Russian strategic partnership has a long illustrious history.

"Over the years, we have steadily developed the special and privileged strategic partnership which reflects the breadth and depth of cooperation between our two countries.

"We believe that economic dimension of our bilateral relationship has huge untapped potential," he said.

Noting that Russian President Vladimir Putin's visit to India in December 2014 was a "landmark event", Mukherjee said the "understandings" between the two nations have helped to expand partnership in a number of new areas.

"India is fully committed to developing and deepening the strategic partnership with Russia in diverse areas," he said.

Responding to Mukherjee, Naryshkin said the friendship between India and Russia has grown over various decades and sought India's participation in the 70th anniversary celebrations of Victory Day, marking the end of the Second World War, in Russia.