India agreed Monday of last week to buy $2.9 billion worth of Russian military equipment, as Russian President Vladimir Putin paid a visit to the longtime Kremlin ally. The quantities at play here mean these transactions are, literally, a big deal. It’s the equivalent of one fifth of Russia’s total defense sales in 2012. Germany, the world’s third-largest arms exporter, approved a total of $7.1 billion worth of exports in 2011.
The agreement says India will buy kits to assemble 42 Sukhoi-30 fighter jets for $1.6 billion, and 71 Mi-17 military helicopters for $1.3 billion. Russia has custom designed the jets specifically for India, and they are engineered to become the very backbone of the nation’s air force. Russia and India have also recently collaborated on a supersonic missile for the Sukhoi-30s, and India is rumored to be equipping this jet to deliver its nuclear weapons. “We agreed to strengthen the partnership of Russia and India in the area of military equipment cooperation further and advance new projects, including creating joint ventures and transferring technology,” Putin said after his meeting with Indian Prime Minister Manmohan Singh.
Civilian trade between the two nations is also thriving. Since 2000, it has increased by 600 percent, and though growth has slowed in recent years, Mr. Putin aims to speed it up once again. Trade this year, for example, is expected to reach $10 billion, and Putin wants this figure to rise to $20 billion by 2015.
Russia produces 70 percent of the total weapons used by India’s armed forces, and India is Russia’s arms industry’s best customer.
Full article: Russia and India Sign $3 Billion Weapons Agreement (The Trumpet)