India to Give $1 Billion Loan for Russia’s Development, says PM Modi

There is no hiding to the fact that India and Russia share a great bond. Both the nations have had a good trade agreement by far and what stands out is the civil nuclear cooperation between them, which is seen as an important component of strategic partnership.

Recently, Prime Minister Narendra Modi had said that India will stand side by side with Russia in its development of the Far East and announced a USD 1 billion line of credit for the massive development of the resource-rich region.

Addressing the plenary session of the fifth Eastern Economic Forum here, Narendra Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities but added that it boils down to people and close business relations.

“India’s connection to Russia’s Far East go back a long way. India was the first country to open a Consulate in Vladivostok,” he said. “For the development of Far East, India will give line of credit worth USD 1 billion.

My government has actively engaged in East Asia as part of its ‘Act East’ policy. I firmly believe that today’s announcement will add a new dimension to the economic diplomacy of the two countries,” PM Modi said.

Narendra Modi, in the presence of Russian President Vladimir Putin, also disclosed the “Act Far East” policy to promote and boost India’s engagement with Russia’s Far East region. “Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region’s progress,” Modi said.

“India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry,” he said.

Modi also appreciated the vision of Vladimir Putin for the welfare for Russia’s Far East, adding that the President has opened up investment opportunities for India in the region. “By declaring the development of the Russian Far East a ‘national priority for the 21st century’, President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication,” he said.

Prime Minister Modi also highlighted that India’s commitment to becoming a five trillion dollar economy will be by the year 2024. PM Modi, who arrived in Russia on a two-day visit a couple of days ago, is the first Indian Prime Minister to visit the Russian Far East Region.

Mr Modi had arrived here to take part in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).