Expansion of economic ties, investments and more participation in oil and gas exploration projects will top the agenda of the leaders from India and Russia when they meet in October. The possibility of Russia and companies participating in the Delhi-Mumbai Industrial Corridor will also be part of the discussions.
“The decision to hold the annual Indo-Russia summit earlier than December has been taken as Russian President Vladimir Putin will be here for the BRICS meet in Goa in October,” a source said.
The October meeting would be the third for Prime Minister Narendra Modi and Putin this year. The two leaders had met on the sidelines of the SCO Summit in Tashkent (Uzbekistan) on June 24, and will be meeting again during the forthcoming G20 meet in China next month.
The annual summit meeting between Prime Minister Modi and the President of the Russian Federation is the highest institutionalised dialogue mechanism under the strategic partnership between India and the Russian Federation.
This will be the 17th annual summit where the two leaders will talk about civil nuclear energy, defence, hydrocarbon sector, satellite navigation, visa simplification, and issues relating to banking.
The volume of current bilateral trade between the two countries is around $10 billion and both sides aim to take it to $30 billion over the next 10 years.
After being formally admitted to the Shanghai Cooperation Organisation (SCO), during his meeting with Modi, the Russian President had said he was looking forward to India’s chairmanship of BRICS, which has grown in influence. “We put high hopes on your leadership in this organisation,”
President Putin said. India’s presidency would also promote “consolidation of this recognised international organisation whose influence is continuously growing”, he added.
The two leaders will discuss cooperation in civil nuclear energy, partnership in the gas and petrochemicals sector and further cooperation in the space sector.
During the fifth meeting of the India-Russia Working Group on Modernisation and Industrial Cooperation held last week, an India delegation led by Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP), held discussions with a Russian delegation headed by Alexander Potapov, deputy minister of industry & trade.
In the civil aviation sector, the Russian side has declared its readiness to participate in the ‘Make in India’ programme in order to develop technological and production capabilities of the Indian side in this field and potential supplies of the jointly produced equipment to third countries.
Besides identifying various sectors for enhancing cooperation, including technology for production of CRGO steel in India, pharmaceutical industry, and modernisation of steel manufacturing facilities in India, New Delhi has also expressed interest in joint development of coalfields and iron ore mines in Russia.