India, Russia sign 'Program of Development of Military-Technical Cooperation until 2031': Russian General Dmitriy Shugaev

"We are very satisfied with our cooperation. Today we signed a document - Program of the Development of the Military Technical Cooperation until 2031. It's very important for us," said Shugaev.

"It's a joint venture which will produce rifles AK-203 and for these entire 10 years, we will produce more than 600,000 rifles," he added.

India and Russia have signed a number of agreements, contracts and protocols covering small arms and military cooperation, Defence Minister Rajnath Singh said on Monday following a meeting with his Russian counterpart Sergey Shoygu.

"India deeply appreciates Russia's strong support for India. We hope that our cooperation will bring peace, prosperity and stability to the entire region. Glad that a number of Agreements/Contracts/Protocols were signed pertaining to small arms and military cooperation," Rajnath Singh tweeted.

He also called the talks with Shoigu "productive, fruitful and substantial," and added that "India values its special and privileged strategic partnership with Russia."

India and Russia signed the agreement for the procurement of 6,01,427 assault rifles AK-203 through Indo-Russia Rifles Pvt Ltd, under the military-technical cooperation arrangement for 2021-31.

Another agreement was signed on Protocol on amending agreement on cooperation in the field of Kalashnikov series small arms manufacturing dated February 18, 2019. "A milestone in the India-Russia Special and Privileged Strategic Partnership" External Affairs Ministry Spokesperson Arindam Bagchi tweeted.

"Further reinforcing the unique, enduring and mutually beneficial nature of our strategic partnership. The inaugural #IndiaRussia 2+2 Dialogue gets underway, with political and defence issues of mutual interest on the agenda," Bagchi added.

Russian President Vladimir Putin will meet Prime Minister Narendra Modi later on Monday. (ANI)