India Russia sign 16 agreements, including choppers ‘Made in India’

INVESrusskavOn his visit to Russia, PM Narendra Modi and President Vladimir Putin signed 16 agreements.

Modi said he sees Russia as a significant partner in India’s economic transformation and in shaping a balanced multi-polar world.

One of the agreements signed was to jointly manufacture military helicopters under the ‘Make in India’ initiative. The plan is to manufacture 200 of the Kamov 226 light choppers for the Indian armed forces. State owned HAL will be the main partner for the contract that is to cost over $1 billion.

Among other agreements signed are those on railways, solar energy, heavy engineering and hydrocarbons.

Modi also said the pace in the two country’s cooperation in nuclear energy is increasing with progress on 12 Russian nuclear reactors at two sites.

President Putin endorsed this, saying that high technology, innovation, energy, aircraft building, pharmaceuticals and diamonds are promising areas for India-Russia cooperation.