According to a programme of action agreed between India’s Department of Atomic Energy and the Russian State Atomic Energy Corporation (Rosatom), there will be localisation of manufacturing in India of Russian-designed nuclear reactor units. “This was a great tragedy and the entire people of India were with Russian Federation during these hard moments”, he said in his joint presser with Putin after the 16th annual summit.
India has also agreed to provide sites in two cities to establish 12 nuclear power plants as the second Russian-built power plant – Kudankulam power plant – nears date of commission.
“The agreement today will increase Indian manufacturing content in these reactors”.
Describing India-Russia relations as “deep-rooted”, he said that Russia has stood like a rock behind India in hours of crisis and also at the worldwide fora on various issues.
“Russia is our most loyal partner, particularly in the fields of defense, security, that’s why I’ve come [here] to welcome our partner to participate in our country’s economic progress“, Modi said.
“We are working in that direction to make India a manufacturing hub”.
The volume of current bilateral trade between the two countries is $10 billion and both sides are aiming to take it to $30 billion over the next 10 years.
He said India’s GDP has clocked an impressive 7.4 per cent growth and the World Bank and International Monetary Fund (IMF) and other international agencies have projected this growth momentum to continue.
The statement said Russian Federation and India were united by common interests in preventing the proliferation of weapons of mass destruction (WMD) and their falling into the hands of terrorists, as well as in strengthening multilateral export control regimes. India’s ONGC is in talks to increase its stake in the Vankor oilfield in Siberia owned by Russia’s top oil producer Rosneft, in line with one of the documents signed in the presence of Putin and Modi.
In this context, they welcomed the agreement reached on liberalization of the travel regime for the businessmen of both the countries and called for its effective implementation.
As world’s confidence is turning towards India’s side and with a fast development rate, Modi said that it is due to the youth 800 million youths in the country who are empowering India to develop.
The prime minister said he and the Russian president were “moving creatively in expanding our economic relations”.
The gifts were given to Mr Modi by the Russian President when they met in Kremlin here on Wednesday night.
“Following our last summit, India has created a special notified zone to facilitate direct trade between the world’s largest uncut diamond exporter, Russia, and India, which processes 90 percent of the world’s uncut diamonds”, he said. He said he had excellent conversations over the past two days and very productive outcomes.
Putin, on his part, expressed happiness over two countries going ahead “consistently and confidently” in developing the privileged strategic partnership.