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Over the years, the Indo-Russian bilateral relationship has matured into a comprehensive partnership that includes cooperation in several high-technology sectors. India and Russia share a “Special and Privileged Strategic Partnership” with several institutionalized dialogue mechanisms that ensure enhanced levels of cooperation in all areas of the bilateral relationship. Russia has invested $1.26 bn from April 2000 to June 2021, with key investment areas being telecommunications, automobile, industrial services, oil and gas, and medical/surgical appliances.
Target set for bilateral trade at $50 bn and bilateral trade at $30 bn by the year 2025.
In India the telecommunications sector has attracted most investments from Russia, with a 68% share.
In March 2017, India and Russia agreed to set up a $1 bn fund to promote mutual investments in infrastructure and technology projects.
India’s Prime Minister meets with the President of Russia for the Annual Bilateral Summit every year since 2000. It is the highest institutionalized dialogue mechanism in the strategic partnership between the two countries.
Prime Minister of the Republic of India H.E. Narendra Modi paid an official visit to the Russian Federation during September4-5, 2019 at the invitation of the President of the Russian Federation H.E. Mr. Vladimir Putin. The 20th India – Russia Annual Summit was held in Vladivostok. H.E. Mr. Narendra Modi also participated in the 5th Eastern Economic Forum as the Chief Guest.
The 13th BRICS Summit is going to be held under India’s Chairship in 2021. It will be the third time that India will be hosting the BRICS Summit after 2012 and 2016. The theme for India’s Chairship is ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation, and Consensus’.
A number of institutionalized mechanisms at governmental and non-governmental levels contribute to the development of economic cooperation between the two countries. While the India Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC) guides the conduct of economic cooperation at the Governmental level, the Indo-Russian Forum for Trade & Investment and the India-Russia CEO’s Council have evolved into the platforms for facilitating direct B2B interactions between the two countries.
The Eurasian Economic Union is one of the important emerging economic blocks, and India is keen to engage more closely with Russia and the CIS countries to further intensify our trade and economic cooperation with this region.
Both the Governments have undertaken initiatives to promote bilateral investments, primarily through facilitating high-level Government to business and Business to Business contacts apart from the ongoing investment process in strategic sectors in both the countries. Investment cooperation has been envisaged is some priority sectors such as hydrocarbons, power, coal, nuclear power, fertilizers, IT, pharmaceuticals, mineral, and metallurgy amongst others.
There is a strong tradition of Indian studies in Russia. Jawaharlal Nehru Cultural Centre was opened in Moscow in 1989 to fulfil the interests of Russian admirers in the Indian culture and its multifaceted traditions.
The Centre maintains close cooperation with leading Russian institutions and conducts classes in classical dance, traditional musical instruments, and Ayurveda for about 800 students every month. Indian languages such as Hindi, Tamil, Marathi, Gujarati, Bengali, and Sanskrit are taught in leading Russian institutions.
'Festival of India' was held in Russia from September 2018 - March 2019 to celebrate the diversity of Indian culture. Various performances were put up by over 58 artists and their troupes in 22 cities across Russia.
The Indian Embassy in Russia, with support from regional governments, organized week-long celebrations marking the second International Day of Yoga, covering 70 regions and involving over 50,000 enthusiasts.
Defence and security partnership has been the cornerstone of the Indo Russian strategic partnership. An agreement for cooperation in the production of spare parts for Russian military equipment was signed during the 20th Annual Bilateral Summit in Vladivostok in September 2019.
India and Russia hold exchanges and training exercises between their armed forces annually. Joint Tri-Services Exercise ‘INDRA 2019’ between India and Russia was carried out simultaneously in Babina, Pune, and Goa in December 2019.
There is a well-established framework of nuclear cooperation between Russia and India. Kudankulam Nuclear Power Plant (KKNPP) is being built in India with Russian cooperation. KKNPP Units 1 and 2 have already become operational and construction of Units 3 & 4 is ongoing.
In July 2019, Director General ROSCOSMOS State Corporation for Space Activities visited India and met the Chairman of ISRO to discuss bilateral cooperation in the Gaganyaan program, production of space systems in India, futuristic technologies, including new space systems, rocket engines, propellants, and propulsion systems, spacecraft and launch vehicle.
India, Russia sign a pact for manufacturing of Ak203, extend military cooperation till 2031. The assault rifles to be initially produced in India are meant primarily for the Indian Armed Forces and once the orders are completed, the State police, as well as central armed police forces, will also be placing their orders for the AK-203.
Russia's Rosneft-backed Nayara Energy is setting up a 450 kilo tonnes per annum polypropylene plant at its refinery in Vadinar, Gujarat. The company has achieved financial closure for phase-one expansion plans for petrochemical business following the tie-up of INR 4,016 crore funds from banks, expected to be completed by 2023.
Russia has confirmed that it is keenly looking forward to acquiring the Indian shipbuilding company Reliance Naval and Engineering Limited (RNEL), which owns the Pipavav Shipyard in Gujarat.
Business conglomerate Murugappa Group subsidiary and Shanthi Gears Ltd have contracted Zyfra, a Russian-Finnish industrial digitalisation solutions provider for monitoring their local equipment. The monitoring system will improve system efficiency and bring down production costs.
Russia-based Alrosa, the world's largest diamond mining company, is investing in Mumbai in sales, marketing and support project. Alrosa recently opened up its representative office in Mumbai on the territory of Bharat Diamond Bourse.
Russia’s biggest oil producer Rosneft acquired 49% stake in Essar Oil, including its refinery in Gujarat, for $12.9 bn.
Rosatom and its engineering division Atomenergomash and private firms are discussing mini hydro projects with the Indian government. Building the mini hydropower units is estimated to cost more than $1 mn per MW.
Sistema Asia Fund, investing in high-tech companies in India, announced the expansion of their fund value from $50 mn to $120 mn, having already invested in start-ups such as Wooplr in Bengaluru and Seclore in Gurugram.
Reliance Industries Ltd. JV with Sibur, Russia and Eastern Europe’s largest petrochemical company, is setting-up South Asia’s first butyl rubber production facility at Jamnagar, Gujarat with an expected capital inflow of more than $2.3 bn.
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We are the inheritors of Russia's legacy and beneficiaries of their hard work and above all, their unwavering faith in this relationship. We are committed to building on this legacy and bequeathing to our youth a strong and vibrant partnership that will contribute to changing the world for the better.
Russia values the relations of special and privileged strategic partnership with India. I am convinced that through joint efforts we will bring about further development of bilateral political dialogue, fruitful cooperation across all sectors as well as constructive interaction in global affairs. Undoubtedly, it meets the core interests of friendly peoples of our countries.
Our relation with Russia is on a different pedestal and we have a full agenda between us that is important to both of us. We have a clear understanding of our core concerns and vital security interests.