India Russia Relation 2014
During the cold war India and the Soviet Union (USSR) enjoyed a strong strategic military relationship. However after the collapse of USSR Russia stood as a long-standing partner of India. So India has maintained an amicable deplomatic relationship with Russia. On 11th December 2014 the Russian president Vladimir Putin came for a one day visit to India. To tone up the India Russia relation a bit further, a number of agreements were signed During this period.
Theme
Druzhba-Dosti: A Vision for Strengthening the Indian-Russian Partnership over the Next Decade
(Druzhba-Dosti a term used for vision statement of India and Russia over the next decade during the 15th Indo Russia Annual Summit held in New Delhi.)
Highlights of India Russia relation 2014
16 agreements were signed on various fields related to energy, defence, mining, power etc. From exam perspective read the following important points of the meeting.
1. The Rosatom will help India to build 12 nuclear reactors within 20 years.
2. The Essar group (India) signed an agreement with Rosneft (crude oil explorer) to import oil.
3. VTB (a russian bank) is likely to provide $1bn financial assistance to Essar group.
4. RDIF (Russian direct investment fund) and IDFC joint investment of $1bn in Indian infrastructure project such as ports, railways, hydropower etc.
5. In defence a deal to produce 400 helicopters a year in India was signed.
6. The long list of agreements included export of Russian diamonds to India for polishing.
7. Alrosa will increase direct delivery of gemstones of India.
8. NMDC signed a MoU with ACRON (to buy a stake in the company) a potash aluminium factory in Talitsky.
In recent times the downtrodden trend of global oil market has formed a gloomy atmosphere around economic growth of Russia. Also the isolation with western powers over Crimea annexation pushing it towards India. Analysts say it will bolster the India Russia relation more than before.