Committed to take forward Indo-Russia relations to newer heights: Modi

The deal between the two countries was to be signed by 2016 but a line of credit that was extended by India to Russian Federation obstructed the process.

On Friday, Modi will be the guest of honor at the annual St. Petersburg International Economic Forum, which is being attended by a host of political and business leaders from around the world.

Modi called for active participation of Spanish companies in India's ambitious Smart Cities projects.

There are more than 40 Indian companies in Spain, in the fields of technology, pharmaceuticals, automotive and energy. Two-way trade totalled $5.27 billion in 2016.

Rajoy welcomed the efforts of the Indian government to provide a positive business environment in India for foreign companies and to further worldwide investment, for which, adequate protection of investments and legal certainty are instrumental. President Rajoy expressed Spain's continued support for India's membership to the Nuclear Suppliers Group.

Before Russia, the Prime Minister visited Germany and Spain.

Modi than underlined upon the new areas of cooperation both countries were focusing on.

"The fight against terrorism is conceived to disrupt and defeat terror organizations and networks".

Noting that the biggest threat to civilized societies comes from terrorism that is more lethal and more organided today than ever before, he said, India and Russian Federation "are natural partners in fighting terrorism unitedly and with determination and to promote a multi-polar worldwide system based on the central role of the United Nations and global law".

The Prime Minister hailed erstwhile Soviet Union's help to India to build its industrial base.

"It is very clear that there will be a very strong statement that Russian Federation is looking to diversify its political relations, is not looking to have one best friend", Weafer said.

Putin is known for rarely showing his emotions but he appeared moved when Modi mentioned the sacrifices made by his family.

Modi termed Russian Federation as natural partners in fighting terrorism and said that its equipment and technology is backbone of India's defence forces. The potential for India's accelerated growth has never been greater, nor the optimism higher.

Modi also gave a broad overview of the economic reforms undertaken in India, including the GST.

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