#Moscow: #Russia & #India signed agreements on Yesterday boosting Cooperation in Energy & Defence, New Delhi aiming to modernise its armed forces and build a nuclear industry and sanctions-hit #Moscow seeking investment and new markets.#VladimirPutin said Moscow believed India was “among the most honourable candidates” for permanent membership of the United Nations Security Council.
But it was energy and defence that topped the agenda.
Russia is keen to develop and deepen its Soviet-era economic ties with India and sell new technologies to one of the world’s fastest-growing economies at a time its own economy is stagnant, hit by Western sanctions and a plunge in global oil prices.
“We have agreed to increase mutual investment flows thanks to deeper industrial cooperation and implementation of large-scale infrastructure and energy projects,” Putin said.
Russia launched the first nuclear unit at India’s Kudankulam power station in June last year and would complete building another one in “a matter of a few weeks”,Vladimir Putin said. He said Russia would build six nuclear blocks in India in 20 years.
Russia and India will together build multi-task Kamov-226 helicopters,#PM NarendraModi said. It will be the first large-scale project of the government’s “Make in India” initiative to encourage local and foreign companies to manufacture in India.
A source close to Rosoboronexport, Russia’s state-owned arms exporter, had said earlier India would produce 140 of the choppers and Russia the remaining 60.
Vladimir Putin said India and Russia were already successfully producing supersonic, ship-based Brahmos missiles which would be soon delivered to the Indian navy.
He said India and Russia planned joint work on a multi-role fighter jet and a transport aircraft, but gave no details.
India’s ONGC is in talks to increase its stake in the Vankor oilfield in Siberia owned by Russia’s top oil producer Rosneft, in line with one of the documents signed in the presence of Vladimir Putin and PM Narendra Modi.
Separately, Indian Oil Corporation Limited and Oil India Limited said they had signed a memorandum with Rosneft, which paves the way for acquisition of a stake in Taas-Yuriakh oil assets in East Siberia.
Russia’s gas export monopoly Gazprom made five large-scale shipments of liquefied natural gas to India this year, Putin said.
VladimirPutin said Russia’s state-controlled diamond corportation Alrosa, which produces 27 percent of all diamonds in the world, would team with India which makes 65 percent of the world’s cut diamonds. Agencies
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