India is an 'exceptionally important' partner
Russian Defense Minister Andrey Belousov has stressed the importance of the Russia-India partnership, noting that Moscow's long-term friendship with New Delhi extends into the military-technical sector.
Belousov held talks with his Indian counterpart, Rajnath Singh, on the sidelines of the Shanghai Cooperation Organization summit in Qingdao, China on Thursday.
"India is an exceptionally important strategic partner for us, a traditional friend - including in the military and military-technical spheres," Belousov said at the meeting. Singh stated: "We had insightful deliberations on boosting India-Russia defense ties."
India's military currently relies heavily on Russian-origin equipment, with around 60% of its arsenal being of Russian make. During the recent conflict with Pakistan, the effectiveness of India's air defenses was bolstered by the Russian-made S-400 mobile surface-to-air missile systems, which was recently highlighted by Indian Prime Minister Narendra Modi, who praised its performance during the standoff.
New Delhi, however, has been pushing to indigenize its defense sector, under the 'Make in India' initiative led by Modi. Russian defense companies have taken part in a number of joint ventures in India over the last two decades. BrahMos supersonic cruise missiles are manufactured by India's Defense Research and Development Organization and Russia's NPO Mashinostroyeniya, and have been in service in the Indian Armed Forces since June 2007.
Last month, India inaugurated a new production unit for the BrahMos missile in Uttar Pradesh. According to Defense Ministry officials, this facility will enable India to boost its defense stockpiles, which is crucial given the current volatile security environment.
New Delhi's long-standing defense ties with Moscow have irked Washington. Earlier this month, US Secretary of Commerce Howard Lutnick said India's relations with Russia are a point of contention in its relationship with the US, especially with the increasing sanctions on Russian entities. During the meeting on Thursday with Singh in Qingdao, Belousov expressed his condolences over the recent crash of an Air India aircraft, which killed 270 people. The Russian defense minister conveyed words of sympathy and support to the families and loved ones of the victims.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Rupee weakens by 46 paise to close at 85.85/$
Mumbai: The Indian currency weakened nearly half a rupee to close at 85.85 per dollar on Monday, from its previous close of 85.39/$1 as uncertainty about US tariff policies resurfaced with President Donald Trump's threat of an additional 10% levy on Brics countries. The rupee opened at 85.57/$1, and weakened till 86.03/$1 on Monday, before pairing its losses and closing at 85.85/$1, likely due to intervention by the Reserve Bank, traders said. "Markets were expecting something on the trade deal with the US, but nothing came up, and the BRICS statement deteriorated sentiments. We were the second worst performing currency in Asia, and due to potential RBI intervention, we erased some losses and to be the third worst-performing Asian currency," said Dilip Parmar, currency research analyst at HDFC Securities. Japanese Yen and the Thai baht were the two worst performing Asian currencies. Traders expect the rupee to move in the range of 85.50/$1 to 86.25/$1 on Tuesday, ahead of July 9, when Trump will unveil his new stand on tariffs. In a social media post, President Donald Trump stated a new tariff policy, calling for countries "aligning themselves with the Anti-American policies" of the BRICS developing nations to be charged an extra 10% tariff, with no exceptions to be granted. India, along with Brazil, China, Russia, South Africa are part of BRICS. The dollar index gained slightly at 97.6, from 96.9 previously. "The BRICS comment has put the India-US deal in jeopardy and we are awaiting clarifications from India-US on the matter. The rupee has fallen as the market is not expecting the deal to be done soon," said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
Time of India
30 minutes ago
- Time of India
Indian stock valuations trading above average, but no overheating yet: Motilal Oswal Financial Services
Valuations of Indian equities are trading above their long-term averages, indicating stocks are far from cheap at current levels. The Nifty is trading at an estimated Price to Earnings (PE) ratio of 21.7 times, above its averages for five, ten and fifteen years, according to Motilal Oswal Financial Services . The price-to-book multiple for the Nifty stands at 3 times, compared to a decade average of 2.7 times, it said. 'While valuations have crept above long-term averages, we do not consider it to be in the overheated zone,' said the brokerage's note. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Amazing Moments Captured in Perfectly Timed Photos Read More Undo The Nifty's PE ratio in September 2024, when the indices hit their peaks, was at 23-24 times. The market capitalisation-to-GDP ratio, a broad indicator of overall market valuations, is estimated at 127% for FY26, above the historical average of 87%. Agencies The measure, also known as the Buffett indicator after Warren Buffett, is down from a peak of 146% in September. The PE ratios of mid-cap and smallcap indices show their valuations are at a premium to the large-cap stocks. Motilal Oswal's head of institutional research Gautam Duggad said the firm is raising allocation to midcaps, citing superior growth. The brokerage prefers a blend of large- and mid-caps.
Time of India
31 minutes ago
- Time of India
Foxconn feels the China squeeze in India
Synopsis Fokskon is recalling Chinese engineers from its Indian iPhone plants. This move may affect operations. Indian electronics firms worry about machinery access. China's potential equipment curbs could hinder expansion plans. Smaller companies may face challenges due to reliance on Chinese equipment. The industry hopes for continued government support amid geopolitical tensions. Some experts believe the impact will be minimal.
