St Petersburg, June 1 : Overcoming hiccups, India and Russia on Thursday signed an agreement on construction of units 5 and 6 of the Kudankulam Nuclear Power Project as the two countries also agreed on deepening military ties.
Prime Minister Narendra Modi and President Vladimir Putin also finalised an action plan for deepening not only political and economic development of the two countries but also to ensure a benchmark of stability in times of global instability.
As part of strengthening military ties, India and Russia will hold the first tri-services exercise, Indra 2017, Modi said at a joint media address with Putin after they held extensive discussions on current bilateral and international issues.
During the annual summit, the two countries also adopted a St Petersburg Declaration for political and economic development with an action plan for a bright future.
"I am happy to say the finalisation of the agreement on Kudankulam units 5 and 6 will further strengthen the bilateral energy cooperation between the two countries," Modi said.
There were recent media reports that there were problems in Russia agreeing on cooperation in the construction of the third stage of the Kudankulam project, but the two countries appeared to have ironed out the differences.
Modi thanked Russia for its unconditional and total support in India's fight against cross-border terrorism and said both sides have agreed on the issues of terror, securing strategic interests and emerging new concerns.
There is similarity in thinking in both the countries over Afghanistan, the Middle East and the Asia-Pacific, he said, adding the two countries have coordinated their actions in forums like BRICS and G20.
Modi said under Russia's leadership in the Shanghai Cooperation Organisation, India and Russia are involved in regional development.
Referring to physical interconnectivity and institutional connectivity, Modi said the International North South Transport Corridor will provide a new direction to bilateral ties.
He said negotiations for a free trade agreement with the Russia-backed Eurasian Economic Union would also further boost bilateral ties.
The Prime Minister said the first military-industry conference in New Delhi had brought closer ties between the two countries in defence and security sectors, and this he felt was a significant step.
Production of the Kamov 226 helicopter has started under a joint venture even as joint manufacture of frigates is also being started, giving a new direction to defence ties.
He said that military-to-military ties are being taken to new heights with the two countries going to participate in the tri-services exercise, Indra 2017, which India will organise.
The five agreements signed on Thursday included speeding up the Nagpur-Secunderabad high speed railway link, export of precious stones and jewellery to India and cultural exchanges.
