Modi wraps up Russia visit
Prime Minister Narendra Modi wrapped up his two-day visit to Russia, where the two countries signed 16 agreements to enhance economic, energy and defence co-operation. The two countries reiterated their commitment to fight against all forms of terrorism. A key take away from the visit was the two countries agreeing to put "Make in India" program at the centre-stage of their strategic relationship.
India is forecast to spend approximately $250 billion in modernizing its armed forces by 2025. The two sides announced India's purchase of the Russian S-400 air defence systems for $4.5 billion. India and Russia also signed a landmark inter-government agreement on the manufacture of 200 Kamov-226 helicopters, of which 60 will be manufactured in Russia and 140 will be manufactured in India.
India and Russia signed an agreement for manufacturing 12 nuclear reactors for power plants in India under the "Make in India" campaign. The Solar Energy Corporation of India and Russian Energy Agency signed an agreement to set up solar plants in India. The two sides also signed an agreement on exploration and production of hydrocarbons in Russian oil and gas fields with ONGC.
With the deals for indigenous manufacturing of Kamov-226 choppers and nuclear reactor parts, Russia has become the first country in the world to undertake initiatives under India's "Make in India" campaign.
During the summit, India and Russia signed an agreement between Indian and Russian custom agencies to combat custom violations. Russian Soverign Wealth funds, Rusnano and Russian Direct Investment Fund have expressed interest in investing in India's National Infrastructure Investment Fund. As the two largest diamond manufacturers in the world, Russian and Indian diamond firms have agreed to co-operate on processing raw diamonds.
India and Russia signed an agreement to ease visa issuance for citizens and holders of diplomatic passports in both countries. India's Ministry of Railways and Russian Railways signed an agreement on technical co-operation in the railway sector. An agreement was also signed between Prasar Bharati and Digital Television Russia to co-operate in broadcasting. India also agreed to invest in developing Russia's far east provinces.
CEOs of 19 Indian companies including Mahindra, Tata, Sun and Reliance attended a CEOs forum in Moscow, chaired by Modi and Putin. Reliance Defence signed an agreement with Russia's Almaz Antey for joint development of air defence systems for Indian forces. Officials said an agreement was signed with Tata on the manufacturing of rudders and directional control systems for Russia's Sukhoi Super Jet (SSJ).