Closed door bilateral meeting between PM Modi and Validimir Putin has began. Here Indian government is not making any mistake to take his most trusted partner into account. In past few weeks India able to manage to convince the world that how much it is important to fight against the terrorism.
India puts Pakistan under question by boycotting the SAARC Summit in Islamabad. This behavior of India is simply to make Pakistan to learn that it is enough now to support terrorist. Russia also agreed with the India’s action against terrorist launchpad. This bilateral meeting confirms about the position of India in South Asia Region and its role on the Asia. Russia is big power and this meeting objective seems to be clear to get help from Russia in improving the defence power.
Pakistan continue to deny of surgical strike and it is unquestionable that why Pakistan is doing it. What will India will get from Russia and how much they have to compromise during the deal.
BRIC started in the year 2008 then it joined by South Africa in 2009 and purposes was to help in economic growth of the nations grouped in it. India needs Russia relationship more than to have relationship with China. China is the country who had deceived India at many occassions.
The bilateral relations of Indo-Russia has been built on five major components: politics, defence, civil nuclear energy, anti-terrorism and space. These five major components were highlighted in a speech given by former Indian Foreign Secretary Ranjan Mathai in Russia.
However, in recent years a sixth component, economic, has grown in importance with both countries setting a target for US$30 billion in bilateral trade by 2025.
In order to facilitate this target both countries are looking to develop a free trade agreement. Bilateral trade between both countries in 2012 grew by over 24%.
India is currently the world’s largest cutting & polishing centre for diamonds. Both countries have agreed to streamline their bilateral trade in diamonds through reductions in regulations and tariffs. Indian Prime Minister Modi stated in an interview, “I made three proposals to President Putin. First, I would like Alrosa to have direct long-term contracts with more Indian companies. I am pleased to know that they are moving in this direction. Second, I want Alrosa and others to trade directly on our diamond bourse. We have decided to create a Special Notified Zone where mining companies can trade diamonds on consignment basis and re-export unsold ones. Third, I asked to reform regulation so that Russia can send rough diamonds to India and reimport polished diamonds without extra duties”.Analysts predict through streamlined procedures and initiatives bilateral trade in this area will significantly increase.
Russian imports from India amounted to $3.1 billion or 1% of its overall imports, and 0.7% of India’s overall exports in 2014. Russian exports to India amounted to $6.2 billion or 1.3% of its overall exports, and 0.9% of India’s overall imports in 2014.
India would like to do no mistake in losing the relationship with Russia and vice versa. To trust on China by any of the country may not work, dragon can only be in controlled with diplomatic steps. India will meet China also in BRICS summit, because it is also the member of it. It is being interesting to see how China and India will make their relationship better.
