India & Russia Ties Up For Multiple Sectors

(Credit: Mikhail Svetlov/Getty Images ) A memorandum of understanding was signed by two statesmen of India and Russia. PM Modi and President Putin had made a deal on mutiple sector projects.They had inked the 16 agreements on Saturday. India & Russia Ties Up For Multiple Sectors
October 18
9:22 AM 2016

On Saturday, India and Russia inked 16 agreements across multi-sectors following delegation-level talks. Prime Minister Narendra Modi and Russian President Vladimir Putin, co-chaired the talks.


The partnership opened a new horizon for both countries. PM Modi and President Putin witnessed the exchange of 16 agreements and 3 announcements across fields. Vikas Swarup, the External Affairs Ministry spokesperson, tweeted following the 17th annual bilateral summit between the two countries.

One of the agreements signed was the procurement of the S-400 air defense system and construction of 1135 series of frigates in India. Among the agreements signed, one of it is to set up a joint venture to manufacture helicopters. A memorandum of understanding (MoU) was signed for setting up an investment fund of $1 billion. Developing smart cities in Andhra Pradesh and Haryana, and for developing transport logistics systems for such cities were also part of the signed agreement.

In addition, another essential agreement was signed for the joint study of a gas pipeline to India from Russia. A Russian consortium comprising energy giant Rosneft Oil Company. Commodities trader such as Trafigura and United Capital Partners, a private investment group, agreed to purchase 98 percent of Essar Oil for $10.9 billion, this was according to a separate agreement. An agreement with ONGC Videsh for education and training in the oil and gas sector was also signed by Rosneft.

Both parties agreed to extend cooperation in railways development, as well as to increase the speed of trains between Nagpur and Secunderabad. 

In collaboration on space technology, a MoU was signed between India's ISRO and the Russian state space agency. An agreement was also signed on cooperation of international information security.

Furthermore, another MoU was signed for expansion of bilateral trade and economic cooperation between India and Russia. For celebrating 70 years of India-Russia a road map of diplomatic ties was also announced. 

An additional announcement which pertained to cooperation between the two countries on international issues was also taken in the spotlight.



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