Economic Relations between India and Russia
||2nd October 2017
India and Russia share close strategic, economic and cultural ties for several decades. While Russia is a reliable partner of India, development of India-Russia relations is a key pillar of India’s foreign policy. In 1960, India established strategic partnership with Russia – the first country. In October 2000, the two countries signed the “Declaration on the India-Russia Strategic Partnership” and elevated their relationship to a “special and privileged strategic partnership” in 2010. Both countries are celebrating 70th anniversary of the establishment of diplomatic bilateral relations throughout 2017.
India and Russia have enhanced cooperation in almost all areas including political, security, trade, defence, science and technology and culture. A large number of institutionalised mechanisms at governmental and non-governmental levels contribute to the development of economic cooperation between the two countries. Annual Summit meeting between the Prime Minister of India and the President of the Russian Federation is the highest institutionalised dialogue mechanism since 2000. Russia is the only country with which India has annual summits. So far, eighteen annual summits have taken place alternatively in India and Russia. The 18th annual summit was held recently on June 1-2, 2017 at St Petersburg, Russia between Prime Minister Narender Modi and President Valdimir Putin. This was first time in the history of India and Russia relations, that the bilateral summit was held outside Moscow. During this summit, the two countries signed five agreements. These include ‘General Framework Agreement and Credit Protocol’ for building of two units (5 and 6) of Kudankulam Nuclear Power Plant; an agreement on Intellectual Property; a bilateral cultural exchang...