BRICS: India strengthens ties with Russia
Goa: Leaders from Brazil, China, Russia, India and South Africa have gathered at the 8th BRICS Summit in Goa. The two day Summit kickstarted Saturday. The acquisition of Essar oil by Russian oil giant Rosneft was the highlight emerging the biggest single foreign investment in India.
India and Russia joined hands for various defence, economic and infrastructure development projects on the inaugural day. Prime Minister Narendra Modi emphasized on action against terrorism in his deliberation. An old friend is better than two new friends, Modi said. “We deeply appreciate Russia’s understanding and support of our actions to fight cross-border terrorism that threatens our entire region,” said the PM. In last 4 months alone, in Hydrocarbon sector, Indian companies have invested close to $5.5 billion in Russia’s Oil and Gas sector, PM Modi said.
After bilateral talks between India and Russia, the Indian PM proposed eight new nuclear reactors from Russia. The other deals included: Smart City infrastructure project in Andhra Pradesh and Haryana as well as shipbuilding and specialist training in Andhra, S-400 Triumf air defence systems worth over $5 billion from Russia, collaboration in making four frigates, setting up a joint production facility for making Kamov helicopters.
Tension between South Asian countries is expected to dominate the Summit with Chinese President Xi Jinping attending the event. All eyes are set on the bilateral talks to be held between Modi and Jinping.