Both the sides signed a protocol for the roadmap to step-up defence engagement during the annual meeting of the India-Russia Intergovernmental Commission on Military Technical Cooperation.
The meeting was co-chaired by Defence Minister Arun Jaitley and his Russian counterpart General Sergey Shoigu.
The roadmap includes specific activities to be concluded by both the sides, and aims to enhance cooperation in the field of political and military dialogue, besides exercises between the armed forces of the two countries.
Russia has been one of India's key major suppliers of arms and ammunition. However, it has been a long-standing grievance of armed forces that supply of critical spares and equipment from Russia takes a long time affecting maintenance of military systems procured from that country.
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Jaitley also talked about the new opportunities for participation of Russian companies in the Indian defence manufacturing sector as pert of the 'Make in India' programme under the new strategic partnership policy for defence production.
Both the sides also agreed to conclude various ongoing negotiations for different platforms as well as restructure the inter-governmental commission to enhance military to military cooperation, the officials said.
During the meeting, both the sides expressed satisfaction at the "concrete progress" that has been made on areas of cooperation since the last meeting of the commission in October 2016.
"The discussions were productive and held in an atmosphere of warmth and friendship," the officials said.
It was the 17th meeting of the India-Russia Intergovernmental Commission on Military Technical Cooperation.
Addressing the plenary of TECHNOPROM 2017, a leading forum for technological development Showcasing India's "path- breaking" initiatives for defence production, Jaitley, who is in Russia on a three-day visit, has invited Russian firms to set up joint ventures with Indian firms and manufacture advanced military platforms through technology transfer.