India and Russia signed 16 agreements and made three other announcements across fields on Saturday during the 17th India-Russia Annual Summit ahead of the Brics Summit in Goa.
They inaugurated the Unit 3 and 4 of the Kudankulam nuclear power plant as well.
"Since the last two Annual Summits, the journey of our partnership has seen renewed focus and drive. President Putin and I have just concluded an extensive and useful conversation on the entire spectrum of our engagement. We agreed to work on an annual military industrial conf that will allow stakeholders on both sides to institute and push collaboration," Modi said.
"An old friend is better than two new friends," Modi said about Russia.
"I am aware of your deep affection for India.Your personal attention has been a source of strength in our relationship. In a complex and changing global context, your leadership has provided stability and substance to our strategic partnership," Modi told Russian President Vladimir Putin.
India and Russia will be setting up a Science and Technology Commission.
"We continue to expand, diversify and deepen economic engagement. Businesses, Industry between our countries is connected more deeply today," Modi said.
He also spoke about Russia's stand against terrorism mirroring India's.
"India-Russia ties has given clear direction, fresh impulse, stronger momentum and rich content to our ties," Modi said.
The two countries signed agreements in civil nuclear cooperation, LNG sourcing, partnership in Oil and Gas and engagement in renewables can construct an "Energy Bridge" between the two countries, said Ministry of External Affairs Spokesperson Vikas Swarup.
PM: We deeply appreciate Russia’s understanding and support of our actions to fight cross-border terrorism that threatens our entire region pic.twitter.com/8UPRYj7Ov5— Vikas Swarup (@MEAIndia) October 15, 2016
"President Putin and I noted the similarity of our views on the situation in Afghanistan and turmoil in West Asia," Modi said.
Recent years has seen US occupying the pole position when it comes to selling military hardware to India. While Russia has always been willing to sell advanced defence technology and hardware to India, the latter was worried about the delayed delivery mechanism and the lack of spare-parts to Russian equipments.
Following up on last year's commitment, India and Russia have finally signed an MoU to set up a Joint Venture to manufacture Kamov-226T light utility helicopters in India. They signed an Inter-Governmental Agreement for four additional Talwar class stealth frigates.
Another rather crucial Inter-Governmental Agreement that was signed was for the purchase of S-400 missile systems.
The two also agreed on annual military stakeholder conference.
Oil and Gas
India and Russia are undertaking a study for a direct pipeline between the two countries. PM Modi said that Indian companies have invested $5.5 billion in Russia's oil and gas sector, as part of earlier commitment.
PM Modi also spoke about forming "Energy Bridge" between the two with cooperation in civil nuclear energy, LNG sourcing, Oil and Gas partnerships and engagement in renewable energy.
PM Modi noted that the two countries hold similar views on dealing with terrorism. He noted that both countries have zero tolerance towards terrorism.
He also said India was appreciative of Russia's understanding and support of our actions to fight cross-border terrorism that threatens the region.
Science and Technology
Both countries have agreed to set up Science and Technology Commission.