ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

PM Modi, Putin set to sign energy, defence deals

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
PM Modi, Putin set to sign energy, defence deals
Indian Prime Minister Narendra Modi greeting Russian President Vladimir Putin in the ongoing BRICS Summit in Goa on October 15, 2016. Image Source: PIB India/Twitter

Indian Prime Minister Narendra Modi and Russian President Vladimir Putin are set to sign lucrative energy and defence deals on Saturday, aimed at shoring up economic ties between the long-time allies.

Putin was greeted with a military band and traditional dancers after arriving in the Indian tourism state of Goa for talks with PM Modi ahead of a BRICS Summit.

Other heads of the BRICS club of leading emerging nations -- Brazil, China and South Africa -- were also gathering for this weekend's summit that is expected to focus on trade and counter-terrorism.

Putin is seeking to seal deals with India in an attempt to help revive Russia's recession-hit economy, following sliding oil prices and Western sanctions over the Ukraine crisis. 

Among the agreements expected are Moscow's delivery of its most advanced anti-aircraft defence system to India, a deal that has been in the pipeline for several years.

India, the world's top defence importer, is undergoing a $100-billion (nearly Rs 6,65,275 crore) upgrade of its Soviet-era military, as it looks to protect its borders from arch-rival Pakistan and an increasingly assertive China.

But India has increasingly turned to the United States (US), rather than Russia for its hardware in recent years, as PM Modi cultivates closer ties with the Washington.

Nevertheless, India's ambassador to Russia, Pankaj Saran, hailed the "special and privileged" partnership between the two nations.

"It is very deep and very intense and it is poised to grow even further," Saran told reporters before the talks got underway.

The leaders are also focusing on energy deals to meet India's growing thirst for fuel and electricity for its fast-growing economy.

Russia's biggest oil company Rosneft is expected to acquire India's Essar Oil in a multi-billion-dollar deal, according to local media reports, quoting officials involved in the agreement.

The leaders are also expected to sign a framework agreement to supply two more reactors to a nuclear plant in Kudankulam in southern India.

Saran said they would also likely to discuss India's tensions with neighbour Pakistan, which spiked after last month's attack on an Indian army base that killed 19 soldiers.

Modi has sought to isolate Pakistan internationally since the attack that India blamed on Pakistan-based militants.

India said it subsequently carried out strikes against militants over the border in Pakistan, prompting a furious response from Islamabad.

But Putin is seen as unlikely to weigh into the dispute between the rivals, as Moscow also eyes closer defence ties with Islamabad. Russia and Pakistan carried out their first joint military exercise last month.

In beachside Goa, the two leaders will reach agreement on Moscow's delivery of the S-400 Triumph defence system, Russian news agencies have quoted a Putin aide as saying, without detailing a timeframe.

The S-400 is Russia's most modern air defence system and has been deployed to Syria, where Moscow is conducting a bombing campaign in support of President Bashar al-Assad.

The strong ties between India and Russia date back to the 1950s after the death of Stalin. But trade has slipped from just $10 billion (nearly Rs 6,6527.5 crore) in 2014, which both sides have said is not good enough.

PM Modi will also hold talks with China's President Xi Jinping late on Saturday, in the hope of boosting investment and trade, but with relations frustrated by Beijing's decision so far to block New Delhi's entry to a nuclear trade group, among other issues.

China and India, the world's two most populous nations, are jockeying for regional influence in Asia. 

PM Modi will also host a dinner for the BRICS leaders, ahead of the summit talks starting on Sunday at a plush beachside resort.

BRICS was formed in 2011 with the aim of using its growing economic and political influence to challenge Western hegemony.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Narendra ModiEconomyVladimir PutinBRICS SummitXi JinpingDefence DealChinaEnergy DealKudankulamPakistan
Written By: AFP
Updated: Sat, Oct 15, 2016
04:44 pm
Benaulim, Goa , AFP
RELATED NEWS
PM Narendra Modi, Vladimir Putin begin bilateral talks PM Narendra Modi, Vladimir Putin begin bilateral talks
Russian state fund to co-invest over Rs 6,600 crore in India Russian state fund to co-invest over Rs 6,600 crore in India
BRICS should shape international agenda: Modi BRICS should shape international agenda: Modi
India, Russia sign key defence, economic pacts India, Russia sign key defence, economic pacts
BRICS Summit: China's Xi Jinping to hold talks on bilateral, international terror issues BRICS Summit: China's Xi Jinping to hold talks on bilateral, international terror issues

LATEST NEWS

Mahila Samman Saving Certificate: New small savings scheme for women announced in Budget 2023 | Check Where and How to Open Account, eligibility, interest rate, maturity, Tax benefits - All you need to know

Bank of England hikes interest rate for tenth time in row as global economies race to combat sky-high inflation

Closing Bell: Nifty ends flat on Adani Enterprises woes; Sensex advances by 200 points on ITC, Infosys surge

Should you buy, hold or sell ITC, Britannia, HDFC Life, SBI Life, Titan, Zomato shares now?

US Stock Market: Nasdaq Composite, S&P 500 surge as Wall Street cheers Dovish Fed Chair remarks; Meta shares soar

Dabur Q3 Results 2023: Inflationary pressure dents profit despite higher revenues; Consol PAT drops 5.4% YOY to Rs 3,043 crore

Tata Consumer Products Q3 Results: net profit jumps 25.6% to Rs 364 crore

Adani Enterprises and Adani Ports among top Nifty50 losers after the group shelves FPO

OPPO Reno 8T 5G launch today: Check specifications, features and other details

Vande Bharat Express Fleet: Check full train list, timetable, routes, ticket price, new routes

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV