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Most of the Indian military might on display during the parade had a "Made in Russia" tag.
US President Barack Obama is the chief guest at India's Republic Day celebrations on Monday.
India and US have reached an agreement to break a six-year impasse on the landmark civil nuclear deal.
China has replaced the US as India’s largest trading partner.
India budgeted 634 billion rupees ($10 billion) this fiscal year for petroleum subsidies.
The RBI has been keeping the benchmark interest rate at elevated level at 8 per cent since January 2014.
The government is aiming to sell a 5% stake in state miner Coal India, which could fetch about $1.5 billion.
World Bank President Jim Yong Kim said at the event Indian economy is likely to grow at 6.4 per cent in 2015.
Bilateral trade between South Africa and India stands at $15 billion.
Ahead of his visit, Ban has called on the two nations to reach a "mutually acceptable solution”.
