The strategic ties with Russia have been "persistent, continuous and critical" element of India's foreign policy policy, the sources said.
Putin will arrive in India in mid-October for the five- nation BRICS (Brazil-Russia-India-China-South Africa) Summit to be held in Goa as well as annual Indo-Russia bilateral Summit with Prime Minister Narendra Modi.
The sources also mentioned that Indo-Russia military
cooperation was undergoing a change as India not only was procuring defence equipment off the shelf, but was also inviting Russians to take part in 'make in India' defence joint ventures.
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The sources also brought out importance of regional consultations with Russia such as on Afghanistan.
Both India and Russia know that the bilateral ties were "vital" for balance in Asia-Pacific region, they said.
Apart from the conventional key areas which were very
critical components of the bilateral ties including military technology cooperation, energy and civil nuclear sector, India was also keen to explore the new areas of collaboration such as infrastructure and railways, the sources said.
This will also give a boost to bilateral commercial ties. Bilateral trade in 2015 amounted to USD 7.83 billion (decline of 17.74 per cent over the previous year), with Indian export amounting to USD 2.26 billion and imports from Russia USD 5.57 billion.
In December 2014, the leaders of the two countries set a target of USD 30 billion bilateral trade by 2025.