New Delhi, December 6: Prime Minister Narendra Modi warmly welcomed Russian President Vladimir Putin upon his arrival in New Delhi today, underscoring the enduring strength of the India-Russia partnership. The two leaders are scheduled to hold the 23rd India-Russia annual summit at 11:50 a.m. at Hyderabad House, followed by joint press statements.
This marks President putin’s first visit to India sence December 6, 2021, when a brief summit was held without a media address.Today’s agenda includes a business event at bharat Mandapam and a banquet dinner hosted by President Droupadi Murmu at Rashtrapati Bhavan.
Ahead of the summit, key members of the Russian delegation engaged in high-level talks with their Indian counterparts. Russian Defense Minister Andrei Belousov met with Defence Minister Rajnath Singh on Thursday, discussing expanding India’s indigenous defence industry and exploring “new opportunities” in “niche technologies.” Mr. Singh stated on ’X’ that India is “determined for expanding capacity of indigenous defence industry for both local production and exports.”
Russia’s First Deputy Prime Minister Denis Manturov met with Finance Minister Nirmala Sitharaman to discuss interbank cooperation, credit facilities, payment infrastructure, and the India-Russia investment protection agreement.
Notably, Herman Gref, CEO and Chairman of Sberbank, announced that Russia and India are conducting large-scale transactions without relying on “third party” technology. Sberbank also launched first-India, a mutual fund focused on the Nifty50 index, to encourage greater Russian investment in the Indian stock market.
Several agreements are expected to be signed during the summit,including a potential mobility agreement that could open Russia’s labour market to Indian blue-collar workers.
according to Lydia Kulik, Head of India Studies at the Moscow School of Management, the India-russia relationship is “exemplary, predictable, and stable,” having successfully navigated global uncertainties in recent years.