Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday held the India-Russia annual summit after which eight pacts, including on cooperation on India's ambitious human space mission project Gaganyaan, were signed.
India also signed a $5-billion deal with Moscow to procure five regiments of S-400 Triumf missiles. This is the most advanced air defence system in Moscow. The deal comes at a risk of sanctions from the US.
"Defence ties between the two countries have grown, but so has business. Indian firms, especially in the oil and gas sector are welcome in Russia. India has massive energy demands and Russia is resource-rich. We invite oil companies to come and set up operations in Russia," Putin said.
A pact was also signed between the countries to develop six nuclear power projects in India.
Putin read out a joint statement after a meeting with Modi and announced that they have agreed to step up cooperation for combating menace of terrorism and drug trafficking. Together, India and Russia will work towards a greater regional and global peace," said Putin.
Talks with President Putin have given new direction to the bilateral strategic partnership, Modi said in a press statement after the 19th India-Russia annual summit. "In this fast changing world, our ties have grown at a fast pace...With time the relations between our countries have gone from strength to strength," PM Modi said.
