India and Russia have agreed to set up joint ventures for manufacturing aircraft and automobiles as the two nations look to boost trade and economic ties. View more at #Hindustan360.
Russian President Vladimir Putin, after summit talks with Prime Minister Narendra Modi on Thursday, said Russian-Indian economic cooperation is returning to a growth trajectory. “We both have a stake in consolidating this positive trend,” he said. “Our talks are always held in a warm and friendly atmosphere, and are always substantive and productive. This time was no exception.”
Putin said agreements made in the St Petersburg Declaration outline steps to further deepen bilateral cooperation in the political, economic and cultural spheres. “Encouraging the growth of trade, improving its structure, and expanding industrial cooperation constitute our key priority,” he said. Bilateral trade, he said, was declining in recent years but has reversed this year. It rose by 29 per cent in the first quarter of 2017.
“As of today the sides have agreed a list of 19 projects aimed at establishing joint ventures for transport infrastructure, new technology, including pharmaceuticals, aircraft and automobile manufacturing, the diamond industry, and agriculture,” he said without giving details.
Kudankulam nuclear power plant
Both leaders witnessed the signing of an agreement on intellectual property, a master framework agreement on building two units at the Kudankulam nuclear power plant, a programme of bilateral cultural exchanges for 2017-2019, an agreement on a feasibility study for a high- speed link between Nagpur and Secunderabad, and a memorandum on cooperation between joint stock company ALROSA and India’s Gem and Jewellery Export Promotion Council.
Also signed were documents on building Russian-designed nuclear power plants+ at new sites in India, developing a bilateral leasing platform, developing bilateral investment activity, and developing rail transport vehicles. Russia’s cumulative investment in the Indian economy exceeded USD 4 billion, and Indian investment in Russia is USD 8 billion. “All these facts show that Russian-Indian economic cooperation is returning to a growth trajectory, and we both have a stake in consolidating this positive trend,” Putin said.
High-tech Military Equipments Production
Putin said the cooperation is not limited to direct supplies of the latest Russian military equipment to India. “The assembly of high-tech military products has been set up in India with Russia’s participation. We agreed with the Prime Minister to continue to jointly develop and manufacture modern weapons systems.”
At the CEO forum that immediately followed the Summit discussions, Putin said over the past seven decades, first the Soviet Union and then Russia built steel works, power stations, chemicals plants, gas pipelines, agribusiness facilities, and transport infrastructure in India. “We in Russia are proud of this capital we have developed together,” he said.
Readying to supply S-400 missile systems
Russia today said it was preparing to supply S-400 Triumf anti-aircraft missile systems to India and both governments were “simply discussing” the terms. Precontract preparations underway on the supplies of the S-400 anti-aircraft missile complexes to India, Russian Deputy Prime Minister Dmitry Rogozin told reporters here.
Precontract preparations are underway on the supplies of S-400 anti-aircraft missile complexes to India, he said. It is difficult to say yet how much time they will take. There is an agreement between governments and now we are simply discussing the terms, Russia’s official Tass News Agency quoted Rogozin as saying on the sidelines of Prime Minister Narendra Modi’s ongoing visit to this Russian city.
Triumf air defence systems deal
India had announced on October 15 last year a deal on the Triumf air defence systems from Russia, worth over $5 billion, and collaborate in making four state of art frigates besides setting up a joint production facility for making Kamov helicopters. The deals were announced following talks held between Prime Minister Modi and Russian President Putin on the sidelines of the BRICS Summit held in Goa.
The S-400 Triumf 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. It is capable of firing three types of missiles, creating a layered defence, and simultaneously engaging 36 targets.
View more at #Hindustan360.