Modi-Putin summit LIVE: India and Russia sign $5bn deal for five S-400 Triumf missile shield systems

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi have signed a key defence deal on Friday, valued at about $5 billion.

The bilateral discussions took place at the Hyderabad House in New Delhi. 

President Putin reached Delhi on Thursday evening and he was received by External Affairs Minister Sushma Swaraj.  Putin was then taken to the official residence of the Indian Prime Minister.

Modi then tweeted, "Welcome to India, President Putin. Looking forward to our deliberations, which will further enhance India-Russia friendship," in English and Russian. 

Prime Minister Modi hosted a private dinner for President Putin where the duo discussed various regional and global issues which could impact the two countries. 

In his speech, the Russian president also said that he is honoured to invite Indian Prime Minister Narendra Modi to be the chief guest at the 2019 Vladivostok Economic Forum. 

During the joint statement, Putin says that he is committed to deepening ties with India. He also added that India and Russia are committed to tackling terror. He is also interested to take defence and trade ties to the next level. 

He went on to say that the mutual trade between the two countries grew by 19 percent. 

He also expressed his concern over Syria. 

The deals include defence and trade. 

India gives priority to its relations with India. Russia has always been a part of India's growth story, according to ANI.

Prime Minister Modi says that the relationship between India and Russia have never been better. He also says that this is a new chapter in the ties between the two countries. In his speech, he also thanks Russia for helping India with space technology. 

A total of eight agreements were signed by India and Russia including nuclear deal co-operation, space pact, railways and transport, space cooperation, small industry deal, and S-400 air missile deal.

A joint statement is given by the two country leaders now

• Co-operation over road building and railways in India
• India to send first manned spacecraft in 2021
• Agreement over tank recovery vehicles
• Russia to train Indian astronauts

 Russian President Vladimir Putin has invited Indian Prime Minister Narendra Modi to attend an economic forum in Russia. 

Deal for space cooperation signed between Russia and India. An Indian monitoring station will be built near the Russian city of Novosibirsk in Siberia, says news agency ANI

The S-400 air missile deal has been signed by Prime Minister Narendra Modi and Russian President Vladimir Putin. 

The deal is for $5 billion.  

Putin's agenda after the bilateral discussions also includes meeting students of Russia's Sirius educational centre, reports Russian news agency TASS. 

After the bilateral discussions with Prime Minister Modi, Putin will go on to meet his Indian counterpart, President Ram Nath Kovind on Friday afternoon. 

The bilateral talks between the two leaders have begun. They are expected to address the press after the discussions regarding, security, terrorism, joint military operations, nuclear deals and defense deals.

Most of India's defense has been bought from Russia (previously the Soviet Union) including the T-72 and T-90 tanks, the Brahmos missile, MiG,  the Il transport aircraft, the Vikramaditya aircraft, Sukhoi fighters and nuclear submarine INS Chakra, according to the Indian Express.

India will also be buying four Krivak-class frigate ships from Russia for $2.5 billion. Two out of the four ships will be assembled in Goa. The four will be an addition to an already six strong fleet. 

Other than the S-400 air missile deal, Putin and Modi will discuss regional, national and international matters. 

This will include US' sanctions on the import of crude oil and will sign agreements nuclear, defence, security and terrorism.

Russia and India will conduct a joint military exercise Indira 2018 which will take place for ten days in November. 

The US slapped sanctions on China after it signed the S-400 defence deal with Russia. 

The US has started to punish countries that have signed agreements with its enemies, such as Russia or North Korea. 

India will send a message to the US that it will remain autonomous and will not side with either Russia or the US even though it is dependent on both, according to TOI. 

The US had previously warned India that if it signed the deal with Russia, Washington could hit  New Delhi with sanctions. 

By signing the defence deal with Russia, India will also be violating the US' CAATSA law.

CAATSA or Countering America's Adversaries Through Sanctions Act targets Russia, Iran, and North Korea. This law, according to Indian Express, specifically targets Russia in the Title II of the act for its military intervention in Ukraine and its role in the 2016 US Presidential elections. 

"I am absolutely certain that it is a totally workable solution. The only issue is that everybody is used to working in dollars, the framework is there, bank accounts and processes are in place; in Rupee-Ruble you would have to set that up which would take some time and cost. So, the sooner two commercial parties decide to look at this arrangement, they will have to do some homework and incur some cost but it will take off without a problem", says Gazprombank's Representative in India Sergey Mitreykin to India Today. 

The payment for the delivery of the S-400 missiles will be in Rupee-Rouble without the intervention of the USD. This will help both the countries escape the US sanctions. 

President Putin has recommended transaction through Rupee-Rouble but the Indian governemnt declined due to the Rouble's depreciation in the past. 

China was the first country to sign a government-government contract in 2014 for a delivery of six battalions of the S-400 system of S-400 missiles. It is said that the delivery has also begun in January. 

S-400 is a surface-to-air missile defence system and acts as a shield against incoming missile attacks. 

The S-400 Triumf or SA-21 Growler (according to the NATO) is considered one of the most deadly weapon, reports Indian Express. It is considered more dangerous than the US' Terminal High Altitude Area Defence system or THAAD. 

Modi will sign the $5 billion or Rs 3,961 crore S-400 air missile deal with President Vladimir Putin. 

1100 hrs: Meeting with Prime Minister of India, Venue: Hyderabad House

1130 hrs: Delegation Level Talks

1330 hrs: Exchange of Agreements and Press Statements, Venue: Hyderabad House

1430 hrs: Interaction with group of talented children, Venue: Central garden, ITC Maurya

1530 hrs: Address India-Russia Business Summit, Venue: Kamal Mahal, ITC Maurya

1630 hrs: Meeting with the President, Venue: Rashtrapati Bhawan