India-Russia defence deals: Six things India got from old friend Russia

OCT 15 2016 THE ECONOMIC TIMES

Prime Minister Narendra Modi called out to India's "old friend" Russia in a joint address at the sidelines of the BRICS Summit before holding wide-ranging talks with Russian President Vladimir Putin, which covered the entire expanse of bilateral engagement. The engagement witnessed 16 agreements being signed between the two countries. 

Here are the key agreements the two nations signed: 

1   1) Deal for S-400 Triumf air defence systems from Russia worth over $5 billion. The long-range air defence missile system has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km. India and Russia have been in talks for over a year for the purchase of at least five systems of S-400 that will be a game changer in the region. 

2    2) A $500 million push into the Indian infrastructure space, along with an equal investment by the newly formed National Infrastructure Investment Fund (NIIF), to form a $1 billion 'Russian Indian Investment Fund'. Announcements were also made to boost ties in sectors like trade and investment, hydrocarbons, space and smart cities. Modi said this will help advance infrastructure Partnership.

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     3)  A joint venture to build Russian Kamov helicopters in India. The plan is to build at least 200 helicopters the defence forces need, and is part of Modi's drive to build a defence industrial base in India. 

4) Joint agreement on shipbuilding and specialist training in Andhra Pradesh. 

5) The two leaders also dedicated the unit two of Kudankulum nuclear power plant and witnessed foundation laying of its Unit 3 and 4. Modi said the dedication of Kudankulum 2 and laying of foundation concrete were examples of tangible results of India-Russia cooperation in the field. 

6) Zero tolerance policy towards terrorism and setting up of a Science and Technology Commission.

Another important deal was for four Admiral Grigorovich-class (Project 11356) guided-missile stealth frigates.

Today's other important agreements included:

► A memorandum of understanding to develop transport logistics system

► An agreement on education and training

► An MoU on urban development and smart city projects 

► A pact on cooperation between Indian and Russian railways

► Announcement in relation to successful execution of documents between Rosneft and Essar for oil

► Space cooperation between Russian space Corporation and ISRO 

Reading out a statement to the media in the presence of Putin, the Prime Minister appreciated Russia's understanding and support of India's actions to fight cross-border terrorism, an oblique reference to India's surgical strike across the LoC targeting terror launch pads. 

"Russia's clear stand on the need to combat terrorism mirrors our own. We deeply appreciate Russia's understanding and support of our actions to fight cross-border terrorism, that threatens our entire region," Modi said. 

The Russian President, on his part, said that both India and Russia have close cooperation in fighting terrorism. Modi said both he and Putin noted the similarity of views on the situation in Afghanistan and turmoil in West Asia.

On trade ties, PM Modi said both countries continue to expand, diversify and deepen economic engagement. 

"Businesses and industry between our two countries are connected more deeply today. Trade and investment ties are on the upswing." 

"And, with President Putin's backing, we hope to fast track India's association with Eurasian Economic Union Free Trade Agreement," he said. 

"We also agreed to work closely to respond to the challenges posed by the unsettled nature of the global economic and financial markets. Our close collaboration at the United Nations, BRICS, East Asia Summit, G-20 and Shanghai Cooperation Organization makes our partnership truly global, both in its scope and coverage," Modi said. 



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