Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
prelims Test Series 2019
सेमिनार: अंग्रेज़ी सीखने का अवसर (23 सितंबर: दोपहर 3 बजे)
17th India-Russia Annual Summit; Ink 16 Important Pacts including Defence Deals
Oct 17, 2016

The President of the Russian Federation, Vladimir V. Putin visited Goa from 14-17 October 2016 to attend BRICS Summit. He also joined 17th India-Russia Annual Summit with Prime Minister of India.

Bilateral Cooperation between India-Russia has increased in all the spheres over the years. Declaration of Strategic Partnership between India and Russian Federation was signed in October 2000 in New Delhi heralding the mechanism of Annual Summits.

At the bilateral Summit, the two leaders reviewed the entire gamut of India-Russia bilateral relations and reviewed the progress made since the last summit held in Moscow in December 2015. Important bilateral agreements were signed and at the end of the summit, a joint statement released.

Key Agreements

India and Russia have signed 16 agreements across multiple sectors following the delegation-level talks co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin on the sidelines of a summit of BRICS nations in Goa.

  • Defence Deals: In major defence procurement, India has signed a $5 billion (Rs. 39,000 crore) agreement with Russia to buy five S-400 Triumph air defence systems, along with deals for construction of 1135 series of frigates and a joint venture to manufacture Kamov helicopters.
  • Among other major agreements, India and Russia will set up an investment fund of $1 billion and develop smart cities in Andhra Pradesh and Haryana along with transport logistics systems for such cities.
  • The two countries will also conduct a joint study of a gas pipeline from Russia to India.
  • In the energy sector, a Russian consortium of companies comprising of energy giant Rosneft Oil, commodities trader Trafigura and private investment group United Capital Partners have agreed to purchase 98 per cent of Essar Oil for $10.9 billion.
  • Rosneft has also signed an agreement with ONGC Videsh for education and training in the oil and gas sector.
  • India and Russia have also agreed to extend cooperation in railways development and to increase the speed of trains between Nagpur and Secunderabad.
  • India's ISRO and Russian state space agency have also signed a memorandum of understanding (MoU) on collaboration in space technology.
  • Other agreements include cooperation on international information security, expansion of bilateral trade and economic cooperation.
  • A road map for celebrating 70 years of India-Russia diplomatic ties was also announced.

Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.