Today Russian President Vladimir Putin held talks with Indian Prime Minister Narendra Modi on the sidelines of the economic forum of Kremlin. Narendra Modi and Vladimir Putin met on the third leg of the Indian Prime Minister’s four-nation Europe tour, with the pair looking to bolster declining trade between the once key partners. In this year’s three-day economic forum ‘Russia’s answer to Davos’ at Saint Petersburg Economic, Narendra Modi is the guest of honor. Putin will use to push the innovative idea that Russia has turned the page on a brutal recession caused by low oil prices and sanctions over Ukraine.
Prime Minister Narendra Modi met Vladimir Putin at the Russian President’s official residence, sprawling Konstantin Palace. Later, Mr. Putin will host India’s PM Modi at a private dinner. He started the day by paying respects to the 5 lakhs Russians killed in Leningrad in World War II. Narendra Modi had reached St. Petersburg from Spain in the evening. The city was the former capital of Imperial Russia, and it was known as Petrograd and Leningrad at that time.
On the other hand, PM Modi said that trade and commerce has a huge role to play in changing the Russian companies were increasingly becoming interested in doing business in India. Narendra Modi also said that Russia had always been on India’s side and even the business community there has helped in bringing both Russia and India together.
These two countries have signed five agreements after the bilateral talks between PM Narendra Modi and President Vladimir Putin. Modi said trade with Russia – which currently stands at more than $7 billion – will be raised to $30 billion over the next 5 years. Modi said, “We’ve adopted a declaration that will link both the countries’ economic progress and will act as an important driver amidst global turmoil”.
In his address to the Russian industry leaders, Narendra Modi said, “Commerce, Trade, innovation, engineering, and technologies are of immense importance in this era”. The 2 units of Kudankulam nuclear power plant will be built with Russian collaboration. Russian firm Atomstroyexport will work with India’s Nuclear Power Corporation of India Ltd (NPCIL) to build unit 5 and unit 6, which will have a capacity to produce more than 2000 MW of electricity. Russia also confirmed its “strong support” to India’s candidature for a permanent seat in the reformed UN Security Council and a membership in the Nuclear Supplier Group.
Both the countries, India and Russia are looking to improve the declining trade ties. They are also trying to improve the unease triggered by shifting global alliances. A traditional ally of Russia and India has lately veered towards China and Pakistan. In an interview, Russian President Vladimir Putin said Russia does not have any “tight” military relationship with Pakistan, and asserted that its close friendship with India will not be diluted.
