Asian Tribune Your Multilingual Newspaper covering World and local news News
With PM Narendra Modi arriving in St. Petersburg, as part of his four-nation tour, the officials from both the sides have begun to iron out details and language of possible bilateral agreement for building Unit 5 and 6 of the Kundankulam nuclear power plant in Tamil Nadu.
Moscow: With Prime Minister Narendra Modi arriving in St. Petersburg, as part of his four-nation tour, the officials from both the sides have begun to iron out details and language of possible bilateral agreement for building Unit 5 and 6 of the Kundankulam nuclear power plant in Tamil Nadu.
PM Modi has come to Russia for an annual summit with President Vladimir Putin during which the two sides are expected to sign a host of agreements, including the last two units of India’s largest nuclear power plant.
The last two units of the Kudankulam power plant are expected to be built in collaboration with a Russian company. If successful, the deal will be the centrepiece of the meet in which 12 other agreements are likely to be inked.
Further, the meeting between PM Modi and President Vladimir Putin is expected to help boost trade and resolve tensions over shifting alliances.
Shortly after his arrival, PM Modi had tweeted that he looked forward to a fruitful engagement with the Russia side.
Kundankulam Nuclear Deal
The reactors are being built by India’s Nuclear Power Corporation of India Ltd (NPCIL) and Russia’s Atomstroyexport company, a subsidiary of Rosatom, the regulatory body of the Russian nuclear complex, according to PTI.
The two sides are expected to ink 12 agreements in wide-ranging sectors, including in science and technology, railways, cultural exchanges and other business areas between private parties also, in addition to a “vision statement” that the two leaders will release.
The nuclear deal, if signed, would be the centerpiece of the summit, the second time in eight months after their last bilateral in Goa in October 2016.
If signed, the two units of the plant, with capacity to produce 1000 MW of electricity each, will significantly boost the country’s nuclear power generation.
The current nuclear power generation capacity of all 22 nuclear power reactors is 6,780 MW.
In October 2015, a joint statement between Modi and Putin promised the signing of a General Framework Agreement on the nuclear units by December 2016.
After an inter-ministerial group cleared the project, it was sent to the Prime Ministers Office for approval. But, sources said, the Credit Protocol, or a line of credit that Russia was to provide, proved to be a hurdle.
India’s traditional ties with Russia dating back to the days of Soviet Union have been complicated by Moscow’s growing economic and political alliances with China and Pakistan.
However, Pankaj Saran, India’s ambassador to Russia, told said India’s relations with Russia are independent of its ties with Pakistan.
What will PM Modi do in Russia
Modi had arrived in stormy weather in St. Petersburg – the former capital of imperial Russia that was founded by Czar Peter the Great in 1703, and was also known as Petrograd and Leningrad.
The Prime Minister will begin his three-day Russia sojourn with a visit to the Piskariovskoe cemetery, a memorial for some 500,000 Russians who were killed in the siege of Leningrad in World War II, which the Russians call the Great Patriotic War.
Modi will then be received by President Putin at the Konstantin Palace, a sprawling regal complex that is also the Russian president’s official residence where he hosts world leaders. After the summit, Putin will host Modi at a private dinner without any aides.
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.
It’s the first time that an Indian Prime Minister is attending the economic and business summit.
Some 60 Indian CEOs are attending the summit, and India has also set up a ‘Make in India’ pavilion in addition to hosting round tables and an exclusive India-Eurasia economic and business breakfast.
Trade between the two nations stands at $7.8 billion, down from $10 billion in 2014. The two nations are targeting to raise the trade to $30 billion in the next five years.
