Increase in bilateral trade and investment along with strengthening defence and energy cooperation will be high on Prime Minister Narendra Modi’s agenda during his two-day visit to Russia for the 16th annual India-Russia summit starting Wednesday.
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Noting that Russia provided defence equipment to India and worldwide support when few were willing to hold its hands, the Prime Minister said, “Indians will never forget the Russian support that we got when we needed it the most”.
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This will be Modi’s first visit to Russian Federation after forming government at the Centre. “It is a very important visit”, said Professor Anuradha Chenoy of Jawaharlal Nehru University.
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Pointing out that India-Russia ties go back several hundred years, Modi said that Russia was probably one of the first European countries to have introduced Indology studies.
Indian Oil Corp and Oil India, both state-owned, are in talks with Russia’s Rosneft to buy up to a 29 percent stake in a Siberian oil project, two sources said on Friday.
“We do not at all doubt Russia’s commitment to see India as a permanent member of the UNSC”, said foreign secretary S Jaishankar.
The deal is likely to be discussed during the December 23-24 Russia visit of Modi when he holds talks with Russian President Vladimir Putin.
Sanjeev Miglani and Tommy Wilkes – India’s prime minister is expected to promote deals for Russian nuclear reactors and military helicopters worth billions of dollars on a trip to Moscow next week, attracted by promises to transfer technology that Western nations have been slow to make. “I am certain that this visit will substantially take forward the already strong people to people ties between our nations”, he said.
Turkey is Russia’s second-largest trade partner after Germany – their bilateral trade stands at $35 billion – and sends nearly 20 per cent of the fresh vegetables Moscow imports each year. US, France, India together have taken this initiative of innovation and Bill Gates foundation is also part of this initiative. During the meet they would sign agreements on defence and nuclear energy.
Notably, Modi is expected to confirm India’s sale of Russia’s advanced S-400 Triumf missile defense system. “We anticipate these projects to be coordinated by next month”, he had said.
Last year, Russian Federation announced it would help India build at least 10 more nuclear reactors.
“Our relation with Russian Federation is unique, covering nearly every field of human endeavour”, said Modi before leaving for Moscow. “It will deepen economic and security ties with a valued friend”, Modi said.
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Defence discussions are expected to focus on joint production of helicopters, leasing of a nuclear submarine by India and construction of six new nuclear power plants in southern India. Currently, bilateral investments are about $11billion, with India looking to increase it up to $30 billion by 2025.
