Pointing out that Russia has been a pillar of strength for India’s development, security and international relations, Prime Minister Narendra Modi said, “Today, we have outlined an ambitious vision for nuclear energy of at least 10 more reactors. It will also include manufacture of equipment and components in India. This also supports our Make in India policy.”
Atomic energy According to the document on “The strategic vision for strengthening cooperation in peaceful uses of atomic energy between India and Russia,” conscious of India’s ambitious economic growth strategy, which would require a significant enhancement of power generating capacity, “the two sides have decided to fast-track the implementation of agreed cooperation projects for Nuclear Power Plants. India and Russia will strive to complete the construction and commissioning of not less than 10 units in the next two decades, in accordance with the Agreement of 2008. Towards this objective, the Indian side agrees to expeditiously identify a second site in addition to Kudankulam, for the construction of the Russian-designed nuclear power units in India.”
Modi said Russia will remain India’s most important defence partner even though options have increased today. “The importance of this relationship and its unique place in India’s foreign policy will not change. In many ways, its significance to both countries will grow further,” Modi said after the annual summit-level talks with Russian President Vladimir Putin on Thursday.
Modi said he was pleased that Russia has offered to fully manufacture one of its most advanced helicopters in India.
“It includes the possibility of exports from India. It can be used for both military and civil use. We will follow up on this quickly,” he said. The Russian President “responded positively” to Modi’s proposal that Russia locate in India manufacturing facilities for spares and components of Russian defence equipment. India imports around 70 per cent of its defence requirements from Russia, but has been looking at other countries, including the US. Addressing the media, Putin said the talks with Modi had been “substantive and constructive” adding that he was mostly “content” with the outcome of the visit.
To give further impetus to the bilateral relationship, several commercial contracts were also signed at the summit, including a memorandum of understanding between Tata Power and the Russian Direct Investment Fund for exploring investment opportunities in the energy sector across Russia.
Essar entered into a $10-billion deal with Russian oil major Rosneft to import crude oil over a 10-year period. Infrastructure Development Finance Corporation and Russian Direct Investment Fund signed entered into an MoU to set up on co-investment opportunities of up to a pool in a $1-billion fund which can be used for making investments in both the two countries Russia and India.
Bilateral trade A joint statement issued at the conclusion of the summit said the leaders set a bilateral trade target of $30 billion by 2025, when the level of mutual investments was expected to exceed $15 billion each way. The current level of bilateral trade stands at $10 billion and the level of mutual investments at about $6 billion.