
India and Russia having a long history of mutual trust and mutual benefit reaffirmed their commitment to enhance military technical cooperation as well as Moscow’s place as India’s biggest and most important defence partner by concluding the $5.43 billion (₹40300 crore) contract for five S-400 ‘Triumf’ missile systems, after the annual summit between Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday 5 October 2018. During Putin’s 22-hour short visit to Delhi visit, Modi and Putin reserved most of their time for one-on-one interactions spending three hours at dinner on Thursday and nearly two hours on Friday in intense talks.
Deliveries of S-400 will begin in 24 months, at the end of 2020 and India would pay about 15% in advance as per procedure likely through the rupee-rouble mechanism both countries use for trade in their own currencies.
Eight other agreements spanning diverse areas ranging from space and nuclear cooperation to railways and agriculture were also concluded between India and Russia during the above summit.
Russia also agreed to assist India with training for its Gaganyaan project to put a human in space by 2022.
However, certain other major defence deals with Russia on helicopters, stealth frigates and assault rifles, could not be concluded.
Modi and Putin also addressed a business summit, in an attempt to diversify ties and increase bilateral trade currently below $10 billion and the two countries have set a target of $30 billion bilateral trade by 2025, with most of the investment coming from energy sector.
Created at: Jan 22, 2020
Created at: May 29, 2019
Created at: May 28, 2019
Created at: May 28, 2019
Created at: May 27, 2019
Created at: May 27, 2019
Created at: May 26, 2019