Russian Federation has been with us in hard times, says Modi

Other joint projects mentioned in the statement following Putin’s talks with Modi include helicopter engineering, navigation systems, cross-cutting technology development for the heavy engineering industry and an investment memorandum on solar plant construction.

About $7bn (£4.7bn) worth of deals have been signed during Mr Modi’s Russian Federation trip, many of them defence related. “These would boost defence manufacturing in India and India’s defence readiness with next generation equipment”, Modi said. Putin also hosted a private dinner for Modi yesterday.

Talks with Russian Federation are underway for setting up of 12 nuclear plants at two sites in India. “The agreement today will increase Indian manufacturing contents in these reactors”.

Addressing the Friends of India occasion on the Expo Centre right here on Thursday, Modi termed his go to to Russian Federation as “very profitable and fruitful”.

“Russia is ready to turn on the green light for the restart of the relationship”, Likhachev said at the opening of the meeting with representatives of Russian and Indian businesses on Thursday.

The Russian President further said: “There are matters that require our special attention, particularly in the current complicated economic situation”.

President Putin and I have a high degree of convergence in our positions on global issues and a strong commitment to deepen our worldwide cooperation.

India has turned to Russian Federation as US firm General Electric and Westinghouse, a U.S.-based unit of Japan’s Toshiba, still are only considering an entry into India’s nuclear energy sector because of a law that holds reactor suppliers liable in case of an accident.

He also stated there would be extensive deliberations with President Putin. But in the first six months of this financial year, India did more business with Vietnam than with Russian Federation.

“We are working towards ensuring best possible infrastructure in India… because of efforts of our government the economy has witnessed sustained growth”, he said, adding “we are committed to ensure a stable and transparent taxation regime”. Our Green Corridor project has taken off. The International North South Transit Corridor through Iran will significantly reduce transportation time and cost. The two countries have also committed to raising bilateral trade from $10 billion a year to $30 billion inside a decade. After the talks, Modi underlined the need for the world to unite against terrorism “without distinction and discrimination between terrorist groups and target countries”, an apparent reference to Pakistan.

“We are consistently and confidently developing privileged strategic partnership between India and Russia”, Putin said.

“Earlier, India was exclusively seen as a market however now it’s seen as a producing hub for the world”.

He said India was “among the most honourable candidates” for permanent membership of the United Nations Security Council. I wish you all on Christmas. Modi wished Sharif on his birthday (December 25) and discussed different aspects of bilateral relations.