Russia Summit: PM Modi holds talks with Putin

Russia's Putin hosts Indian PM for talks on defense energy

Russia's President Vladimir Putin (R) and India's Prime Minister Narendra Modi enter a hall during a meeting with business representatives at the Kremlin in Moscow, Russia, December 24, 2015.

Besides bilateral issues, the two leaders are likely to deliberate on a number of global issues having political dimensions including the situation in Syria and ways to tackle terrorism.

In a major push to strategic ties, India and Russian Federation on Thursday chose to expand cooperation by signing 16 agreements, including on joint manufacturing of military helicopters, construction of 12 atomic plants with the involvement of companies in India and setting up of solar plants among others. On his address, PM Modi dubbed Russian Federation to be India's most reliable ally which could play a catalyst in India's economic transformation.

"We are working towards ensuring best possible infrastructure in India... because of efforts of our government the economy has witnessed sustained growth", he said, adding "we are committed to ensure a stable and transparent taxation regime".

The Prime Minister of India and the President of Russia would be interacting with a group of Indian and Russian CEO's in the Krelmin and then the Prime Minister would be addressing a gathering of the friends of India and the Indian community at the Expo Center in Moscow in the evening.

He hailed an agreement to build light Russian-designed helicopters in India as the result of a special and privileged strategic partnership between the two countries.

These talks have been held annually since 2000 and hosted alternately between Moscow and Delhi.

Separately, Indian Oil Corporation Limited and Oil India Limited said they had signed a memorandum with Rosneft, which paves the way for acquisition of a stake in Taas-Yuriakh oil assets in East Siberia. According to senior officials of the two companies, the cost of five S-400 air defence systems will be around Dollars 4.5 billion.

The prime minister said he and the Russian president were "moving creatively in expanding our economic relations". The capabilities of the Centre to monitor threats to human life and property, including natural disasters, both within and beyond Russia's borders, and its global sphere of cooperation were highlighted.

Russian Federation has built a nuclear reactor at India's Kudankulam nuclear power plant and is now completing a second unit there.

The Indian Premier in his speech said that Russian Federation has been with India since decades and has always stood by India. The deals being talked about include joint manufacture of Kamov-226T helicopters. Modi, the first Indian PM who visited Pakistan after Atal Bihari Vajpayee in 2004, surprised the media by suddenly announcing his visit to Pakistan.

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