Context: On December 6, 2021, Russia President visited India to attend the 21st India – Russia summit with his counter part Indian PM. During his visit, India and Russia signed 28 agreements. Some of them were semi – confidential. Thus, the Ministry of External Affairs did not release all of its details.

• In this article we discuss about India-Russia Annual Summit 2021: Key Takeaways and how India and Russia share a longstanding and time-tested partnership and further development of this relationship has been a key pillar of India's foreign policy.

About the Summit

• It is the highest institutionalized dialogue mechanism in the strategic partnership between India and Russia.
• The latest summit is an institution of a new “two plus two” mechanism bringing the foreign and defence ministers from both sides into a single forum.
• There is also speculation about a new 10-year defence pact between the two countries.
• Russia became the fourth nation, along with the US, Japan and Australia, with which India has such a joint structure in place.

Recent Cooperation in Defence: Currently, 65% of Indian armed forces equipment is of Russian origin and India continues to rely on Russia for spares.

• Despite strong US opposition, India procured the S-400 Triumf Missile from Russia.
• A deal worth over Rs 5,000 crore with Russia for the manufacture of AK 203 assault rifles is also in the pipeline.
• For now, India has escaped the US sanctions on the purchase of S-400 missiles, however, India’s deepening defence ties with Russia will continue to trouble the USA as well as China.

Discussions during the summit

• The leaders discussed on International North – South Transport Corridor and also about the Chennai – Vladivostok Eastern Maritime Corridor (which is under proposal).
• Russia welcomed the “Delhi Declaration on Afghanistan”.
• India congratulated Russia on joining as an observer in NAM. And Russia congratulated India for its membership at the United Nations Security Council.

Economic Co-operation

• Bilateral trade has seen the two countries progressing from defence and energy to IT, pharmaceuticals, agro-industries, mineral and metallurgy, fertilizers, and infrastructure projects. 
• India-Russia trade was valued at the U.S.$10.11 billion in 2019–20, but is not a true reflection of the potential that can be harnessed.

Strategic partnership

• More importantly, the robust partnership between India and Russia has come out of the shackles of the Cold War inheritance. 
• A practical and result-oriented approach will pave the way for the most reliable partnership. 
• The Putin-Modi meeting in an atmosphere of unprecedented regional and global transformations can ensure not only a new lease of life but can also generate more vitality to this trustworthy camaraderie.
• India-Russia relations have withstood the test of time and the ever-shifting nature of national interests. 
• Relations between the two countries have deepened with time irrespective of the quagmire of realpolitik. This exceptional resilience is built on the firm foundation of strategic national interest and the synergy of geopolitics.
• In the post-Cold War era, India has emerged as an economic powerhouse and a key stakeholder in today’s global debate be it climate change, international trade, or the menace of terrorism. Russia with its global status and presence presents a win-win situation for deeper cooperation. 
• This relation between both countries has evolved with time, deepening the integration and widening the breadth of the relation.

Issues in India-Russia Ties

• India remains wary of the growing military partnership between Russia and China and their shared opposition to the Indo-Pacific framework.
• Despite political tensions, India’s China trade continues to grow, while its commercial ties with Russia are stagnant despite good political relations.
• The Russian business elites gravitate to Europe and China and the Indian corporations are focused on America and China.
• Russia considers the Quad as the ‘Asian NATO’ and has claimed military alliances in Asia as counterproductive.

Way Forward

Befriending the Best Friend: The structural constraints posed by the great power dynamic and vastly different appreciation of the regional security environment could be reduced if matters improve between Washington and Moscow.

• A less conflictual relationship between the two will be a huge relief for India.
• Also, the US-China quest for power or Russia’s deeping ties with China would have mattered less to India if its relations with China were more peaceful and stable.

Connecting with the Russian Far-East: Connectivity is another driver in the strategic partnership with underlying commercial advantages and overall economic development.

• Parallel to the multimodal International North-South Transport Corridor, the proposed Chennai–Vladivostok Maritime Corridor (CVMC) will sharpen India’s strategic intent in the South China Sea and the Indo-Pacific region, with a naval presence securing its energy and trade shipments from the Russian Far East.
• The far-flung regions of Siberia, the Arctic and the Far East are home to one of the largest reserves of hydrocarbon, metallurgical coke, rare-earth and precious metals in the world.
• India and Russia can work with countries like Japan and Korea to promote joint investments for exploration in the Far East, the Arctic and Siberia.

Cooperation in the Energy Sector: The unknowns of climate change suggest that India should accelerate its energy transition from fossil fuel based to a renewable one.

• Russia, one of the key global players across the energy market, could emerge as an indispensable partner for such a transition.
• Fortunately, both countries have an extensive record of bilateral cooperation in the energy domain but undoubtedly more efforts are needed to expand the cooperation.

Leveraging Multilateral Institutions for Improving Relations: Promote mutually beneficial trilateral cooperation between Russia, China and India that could contribute towards the reduction of mistrust and suspicion between India and China.

• In this context, the SCO and RIC trilateral forum must be leveraged.

Conclusion

• Although India and Russia cannot do much about each other engaging with their rivals, Delhi and Moscow have no reason to be satisfied with the poor state of their commercial ties.
• To give a start to the revival of their ties, India and Russia shall focus on laying a clear path for expansive economic cooperation and generating a better understanding of each other’s imperatives on the Indo-Pacific.