Russian First Deputy PM Manturov Meets PM Modi Discusses Energy, Unveils 5-Year Roadmap For Reaching $100 Billion Trade

(MENAFN- Live Mint) Russia's First Deputy Prime Minister Denis Manturov met Prime Minister Narendra Modi on Thursday and discussed ways to strengthen bilateral ties in areas of investment, energy and industrial cooperation.

The Russian embassy said Modi and Manturov discussed "specific steps to implement agreements reached" during the India-Russia summit held in December last.

"Particular attention was paid to further strengthening Russia-India trade, economic, investment, energy and industrial cooperation," it said on social media.

Five-year roadmap to raise annual trade to USD 100 billion

Following talks between the two leaders, India and Russia unveiled a raft of measures including a five-year roadmap to build a robust economic partnership and to increase the annual trade to USD 100 billion by 2030, reported news wire PTI.

It is learnt that both sides also reviewed the implementation of decisions taken at the summit talks between Prime Minister Modi and Russian President Vladimir Putin in December last year, added the report.

Manturov – who is on a two-day visit to India – also held talks with External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval.

What did Doval and Manturov discuss?

In their meeting, Doval and Manturov were learnt to have discussed bilateral defence cooperation besides the evolving regional security situation, mentioned PTI's report.

The Russian first deputy PM's visit to New Delhi comes days after India cleared procurement of a fresh batch of five S-400 missile systems from Russia.

The decision to procure the additional batch of five S-400 air defence missile systems was taken against the backdrop of the missile system proving its capability during Operation Sindoor.

The missile system played a crucial role in India's dominance over Pakistan during the May 7-10 hostilities last year.

In October 2018, India had signed a USD 5 billion deal with Russia to buy five units of S-400 air defence missile systems, notwithstanding a warning by the US that going ahead with the contract may invite US sanctions under the provisions of Countering America's Adversaries Through Sanctions Act (CAATSA).

Three squadrons have already been delivered.

Russian Foreign Minister Sergey Lavrov last week lauded India's "independent foreign policy" and said that Russia looks forward to welcoming Prime Minister Modi for a visit this year.

In an address at a conference titled 'India and Russia: Towards a new bilateral agenda', he said the "time-tested" friendship between the two countries is a model on interstate relations based on mutual trust and respect.

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