India-Russia Summit
Putin likely to visit India in Dec first week
Russian President Vladimir Putin is likely to visit India in the first week of December this year for the Indo-Russian annual summit. The summit alternates between the two countries each year. Putin, however, has not visited India since the start of the Russia-Ukraine war.
Sources say the Russian side has begun preparations for the December visit. Kremlin spokesperson Dimitry Peskov had recently confirmed that Putin would be travelling to India for the summit. However, he did not provide specific dates stating that “the dates will be mutually worked out soon”.
According to sources, the summit is likely to take place in December. Prime Minister Narendra Modi has visited Russia twice this year - first for the annual summit in July, and again for the BRICS summit in Kazan in October. The two countries have elevated their relationship to the level of ‘Special and Privileged Strategic Partnership’ that has resulted in close trade, economic and scientific cooperation.
The bilateral trade between the two countries has reached all-time high, exceeding $65 billion in 2023-24. The closest cooperation between the two countries is in the fields of defence and energy. The Indo-Russian defence ties involve joint R&D, joint production and marketing of advanced defence technologies and systems. The BrahMos missile system is an example of this cooperation.
Other examples include joint development of the Fifth Generation Fighter Aircraft and the Multi Transport Aircraft, as well as the licensed production in India of SU-30 aircraft and T-90 tanks. President Putin’s visit is expected to lead to the signing of new agreements in banking and petroleum, as well as acceleration of projects relating to transport and defence. While preparations for the visit have begun, sources have not ruled out the possibility of it being postponed if the war between Russia and Ukraine further escalates.
SEBI, RBI Appointments
Das extension up in the air; Buch set to retire
The financial circles are buzzing with speculation about the fate of Reserve Bank of India Governor Shaktikant Das and market regulator SEBI chief Madhabi Puri Buch. Buch is set to retire on February 28 next year and is unlikely to be given an extension. She has been at the centre of the storm sparked by the allegations levelled by US shortseller Hindenburg Research.
The opposition parties have been baying for her blood ever since. However, reports of her premature exit are unlikely to come true and she will complete her full tenure in office. Das, on the other hand, was expected to get an extension, which would make him the longest serving RBI Governor, surpassing the 7.5-year record of Benegal Rama Rau, who served as RBI chief from 01.07.1949 to 14.01.1957.
However, the delay in processing his papers has raised questions about the certainty of his continuation in office. Das was appointed as head of India’s central bank in 2018. He was subsequently reappointed for three years in December 2021. He is now due to retire on December 10 this year.
Shahid Faridi
The writer is Resident Editor, TNIE, New Delhi.
Follow him on X @Shahid_Faridi_