India and Russia signed pacts on purchase of four naval frigates and air defence systems along with a pact for joint production of 200 Kamov 226T helicopters. “The agreements on manufacturing of Karnov 226T helicopters; construction of frigates; and acquisition and building of other defence platforms are in synergy with India’s technology and security priorities” said PM Modi.
India also announced that it will buy the S-400 Triumf air defence systems from Russia, worth over $5 billion. The long-range air defence missile system has the capability to destroy incoming aircraft, missiles and even drones up to the range of 400 kms. India and Russia have also agreed to work on “annual military industrial conference” that would allow both the countries “to institute and push collaborations.” Modi also said that with President Putin’s “backing” India hopes to fast track its association with Eurasian Economic Union Free Trade Agreement.
“The Green Corridor and the International South Transport Corridor will serve to strengthen trade facilitation, logistical links and ensure better connectivity between the two countries. Our efforts for setting up of the Investment Fund of $1 billion between National Investment and Infrastructure Fund(NIIF) and Russia Direct Investment Fund (RDIF) will help our infrastructure partnership,” the prime minister said. Covering the dominating issue of terrorism in neighbouring countries, the prime minister also said, “We affirm the need for zero tolerance in dealing with terrorists and their supporters. Russia’s clear stand on the need to combat terrorism mirrors our own.”