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17th India-Russia Annual Summit held in Goa

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India and Russia will review strategies to boost bilateral trade and investment, while committing to improve ease of doing business, including liberalising travel regime, in their countries.

  • It was issued after the meeting of Prime Minister Narendra Modi and Russian President Vladimir Putin at the ongoing summit of the BRICS group, comprising Brazil, RussiaIndia, China and South Africa.17th India Russia Annual Summit Meet
  • The year 2017 marks the 70th anniversary of the establishment of diplomatic relations between the two countries, a number of commemorative celebrations marking the important milestone is planned.India and Russia have finalised a general framework agreement for unit 5 and 6 of Kudankulam nuclear plant.
  • Russia had last month revealed that the Kudankulam Nuclear Power Project (KNPP) in Tamil Nadu could, in the near future, be operating on the newer generation TVS-2M fuel assembly, which offers increased uranium capacity, improved heat reliability and enhanced operational safety.
  • The first two 1,000 MW units are operational at the Russian-built nuclear plant while four more are in the pipeline. Russia has offered India a new range of reactor units — the VVER-Toi (typical optimised, enhanced information) design — for the third and fourth units of the Kudankulam project.
  • The most strategically important decision is the inter-governmental agreement for the purchase of S-400 ‘Triumf’ long-range air defence missile system which has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km.
  • It is capable of firing three types of missiles, creating a layered defence, and simultaneously engaging 36 targets. If India signs the deal, it would be the second customer of the prized missile system after China which had struck a $3 billion contract last year.
  • India and Russia announced plans to set up a joint venture to build helicopters in India, which will also buy surface-to-air missile systems from its former Cold War ally, as the two tighten their military relationship.
  • The pacts were signed after summit talks between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi in India’s western resort state of Goa, where leaders from the BRICS group of emerging nations are meeting.
  • Indian military officials have the plan is for the joint venture to build at least 200 Kamov helicopters required by the country’s defence forces, and is part of Modi’s drive to build a defence industrial base in the south Asian nation.

India and Russia on October 15 signed 16 agreements across multiple sectors following delegation-level talks co-chairedd by Prime Minister Narendra Modi and Russian President Vladimir Putin in Goa.

Among the agreements signed were,

Procurement of the S-400 air defence system and construction of four Admiral Grigorovich-class (Project 11356) guided-missile stealth frigate in India.

  • Another agreement was signed to set up a joint venture to manufacture 200 Kamov 226T helicopters.
  • A memorandum of understanding (MoU) was signed for setting up an investment fund of $1 billion.
  • Agreements were also signed for developing smart cities in Andhra Pradesh and Haryana, and for developing transport logistics systems for such cities.
  • Another important agreement was signed for the joint study of a gas pipeline to India from Russia.

Russia :
♦ Capital: Moscow
♦ Currency: Russian ruble
♦ President: Vladimir Putin