Russia and India signed a series of trade and cooperation deals during a visit to New Delhi by Russian President Vladimir Putin. The two sides agreed to increase defense and energy ties in what Russia described as a new era of cooperation. CCTV America’s Shweta Bajaj reported the story from New Delhi, India.
India's PM pledges top defense partnership with RussiaRussia and India signed a series of trade and cooperation deals during a visit to New Delhi by Russian President Vladimir Putin. The two sides agreed to increase defense and energy ties in what Russia described as a new era of cooperation. CCTV America's Shweta Bajaj reported the story from New Delhi, India.
President Putin’s whirlwind visit to India was packed with top level meetings and aims to rekindle ties with a once-close ally. Putin identified trade as a key area needing improvement.
“We intend to deepen political dialogue and $10 billion bilateral trade is not enough,” the president said. “We have talked in detail to diversify our trade and further increase our investments. Our companies will work closely for Russia-India relationship.”
A total of 15 deals were signed, key among them being energy cooperation. Russia has been looking at Asia to become one of the largest exporters of energy. In addition to a natural gas and hydrocarbon deal, Russia agreed to jointly build 10 nuclear plants in India.
Defense was also high up on the agenda. A defense pact was signed, with the two sides agreeing to joint production of military helicopters and fighter jets. The deal came on the heel of the Indian government recently allowing foreign direct investment to account for 49 percent in a joint venture in its defense sector.
“Russia has offered to manufacture its most advanced stealth bombers for Russians defence equipment in India,” said Indian Prime Minister Narendra Modi.
The two sides also agreed to partner in the diamond market. Russia is the largest producer of rough diamonds, while India excels at polishing and cutting diamonds.
Russian companies have also been encouraged to explore opportunities in India’s infrastructure development and manufacturing sector. Russia and India also agreed to increase cooperation in science and technology, as well as combating terrorism and extremism.
Anil Gupta discusses Russia-India relations
Biz Asia America interviewed Anil Gupta for more on the relationship between Russia and India. Gupta is the Michael Dingman Chair in Strategy and Entrepreneurship at the University of Maryland. He is also on the Thinkers 50 list of the World’s Most Influential Living Management Thinkers.