Brief Context
In News India and Russia have agreed on six new strategic projects during the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP) held in New Delhi. Background The “Declaration on the India-Russia Strategic Partnership” was signed in October 2000 during President Vladimir Putins visit to India. In 2010, the partnership was elevated to a “Special and Privileged Strategic Partnership,” reflecting increased cooperation across key sectors: defense, politics, econ
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Syllabus: GS 2/IR
In News
- India and Russia have agreed on six new strategic projects during the 8th Session of the India-Russia Working Group on Priority Investment Projects (IRWG-PIP) held in New Delhi.
Background
- The “Declaration on the India-Russia Strategic Partnership” was signed in October 2000 during President Vladimir Putin’s visit to India.
- In 2010, the partnership was elevated to a “Special and Privileged Strategic Partnership,” reflecting increased cooperation across key sectors: defense, politics, economics, and culture.
- India-Russia ties are characterized by high-level engagements, institutional dialogue mechanisms, and cooperation in multilateral forums like BRICS, SCO, and the UN.
Key Points of the 8th IRWG-PIP Session
- Six New Strategic Projects: India and Russia have agreed to collaborate on six new strategic projects with the goal of boosting bilateral investment.
- Sectors involved include trade, technological innovation, and economic development.
- Framework: The IRWG-PIP operates under the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
Significance of the Agreement
- Strengthens Economic Resilience: Diversifies India’s trade portfolio amid shifting global dynamics.
- Reduces Overdependence on the West: Reinforces strategic autonomy by balancing relations with major powers.
- Boosts ‘Make in India’ & Atmanirbhar Bharat: Encourages technology transfer, localization of production, and industrial growth.
- Geopolitical Leverage: Enhances India’s role in a multipolar world and Eurasian regional dynamics.
India and Russia Relations
- They share a long-standing relationship, with bilateral trade and investment ties dating back to the Soviet era.
- Over the years, their cooperation has strengthened, with trade growing from USD 1.4 billion in 1995 to USD 65.7 billion in FY 2023-24.
- Key exports from India include agri-products, chemicals, pharmaceuticals, and machinery, while Russia primarily exports oil, fertilizers, and mineral fuels.
- Both countries aim to reach a bilateral trade target of USD 100 billion by 2030.
- Over the years, their cooperation has strengthened, with trade growing from USD 1.4 billion in 1995 to USD 65.7 billion in FY 2023-24.
- Bilateral cooperation is supported by key forums like the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), which includes 15 Working Groups and 6 Sub-Groups.
- The India-Russia Strategic Economic Dialogue (IRSED) also plays a vital role.
- Multilateral engagement: India & Russia cooperate closely at several multilateral platforms such as the UN, G20, BRICS & SCO.
- India’s Presidency of the G20 & SCO in 2023 afforded the opportunity for officials and ministers of both countries to meet on the sidelines of various events in India
- Defence: Bilateral projects include the supply of S-400, licensed production of T-90 tanks and Su-30 MKI, supply of MiG-29 and Kamov helicopters, INS Vikramaditya (formerly Admiral Gorshkov), production of AK-203 rifles in India and BrahMos missiles.
Source :Air