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The Russian president has spoken at an expanded meeting of the defence ministry board.
A pre-Budget Economic Survey projects growth of 6.1 to 6.7 per cent for India in the next fiscal year.
Brazilian officials say despite slowly-rebounding GDP growth, the country offers a healthy environment for investment.
Lavrov said issues related to the so-called Arab Spring were high on the agenda between the two senior officials.
Growth of Indian railways is inextricably linked with the growth of the country, says India's railways minister.
The government will provide increased access to training and public services, and raise income to R$ 70 ($36) per month.
Russian Prime Minister believes voices of developing nations need to be heard in financial institutions.
India is stepping up its space programme with a higher budget and a slated mission to Mars.
The 5th BRICS Summit will take place in Durban on March 26 and 27 this year.
Experts warned that the price hike may finally build up inflation pressure on China.
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