 fields as well as their collaboration in fighting terrorism. However, a sixth dimension has been added to this relationship: Economic cooperation.
Russia and India have decided to increase the value of their annual transactions to $30 billion by 2025; to achieve this, they plan to sign a free-trade agreement.
They frequently support each other in international bodies and meetings and back one another’s accession to global organizations.
India is the second biggest market for Russia’s military industry, purchasing almost 68 percent of its equipment from the European state.
In 2017, the two states celebrated 70 years of diplomatic relations between New Delhi and Moscow. For 70 years, the two sides’ partnership, at the bilateral and international levels, has developed steadily. This growing trend, however, has failed to be highly significant in the past few years with India’s growing proximity with the US and Russia forging closer ties with China.
Improving relations with Russia has, nevertheless, always been a main component in India’s foreign policy. Since the signing of ‘Declaration on the India-Russia Strategic Partnership’ in October 2000 – during Putin’s visit to India, New Delhi-Moscow relations have acquired a qualitatively new character with enhanced levels of cooperation in almost all areas of the bilateral relationship including political, security, trade and economy, defense, science and technology and culture. Under this strategic partnership, several institutionalized dialogue mechanisms operate at both political and official levels to ensure regular interaction and follow-up on cooperation activities between the two sides.
During Putin’s visit to India in December 2010, the strategic partnership was elevated to the level of a ‘Special and Privileged Strategic Partnership’.
Annual summit meetings between the prime minister of India and the president of the Russian Federation is the highest institutionalized dialogue mechanism under the strategic partnership between the two states.