After the talks on Thursday, the two "time-tested" partners are likely to ink a number of pacts in a range of sectors including nuclear energy and defence. The talks between the two countries at the highest level have been taking place alternately in Moscow and New Delhi since 2000.
"We expect to sign a number of agreements covering a very broad range of fields. Final touches are being given on some of them," Foreign Secretary S Jaishankar told reporters.
Besides bilateral issues, Modi and Putin are likely to deliberate on a number of global issues having political dimensions including sthe ituation in Syria and ways to tackle terrorism.
"This would be definitely one of the most important engagements for us," Jaishankar said.
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The Foreign Secretary said India was looking at deeper engagement in Russia's oil and coal sector besides stepping up cooperation in some other areas like diamond trade and agro-business.
India is also likely to push for a Free Trade Agreement with the Eurasian Economic Zone and is sharing details of study it conducted in this regard.
Without giving specific details, Jaishankar said both Modi and Putin will deliberate on enhancing cooperation in defence and nuclear energy speheres.
"Russia has been a very major military and strategic partner of India. There will be a lot of discussions on that," he said.
Asked whether Russia will strongly back India's bid for a seat at the UN Security Council, he said "Two countries have great confidence and trust in each other. We do not at all doubt Russia's commitment to see India as a permanent member of the UNSC."
It will be Modi's second summit with Putin who was here
last year for the 15th India-Russia Summit.
Tomorrow, Putin will host a private dinner for the Prime Minister and the two leaders will interact with a group of Indian and Russian CEOs in Kremlin on Thursday.
The "spade work" for the summit talks have been done by the Inter-Governmental Commission and the Military Technology Commssion of the two countries which met separately, recently.
When asked about Russia's decision to supply attack helicopters to Pakistan and whether Moscow was getting close to that country sending a message that it was not happy over India's growing closeness with the US, Jaishankar rubbished such interpretation.
When referred to certain comments by Russian Ambassador here, the Foreign Secretary said as an envoy of Moscow, he will have to push that country's interests. "If the Russian Ambassador does not promote Russian aircraft, whose aircraft he will promote? He is doing his job."
On Syria, he said India and Russia, in a broad sense are on the same page, as the two countries want resolution of the crisis through peaceful means. Jaishankar said India does not want forces of religious extremism and fundamentalism to gain ground.
After the summit talks last year, it was announced that Russia will build at least 12 nuclear reactors besides manufacturing advanced dual-use helicopters. The two countries had signed 20 agreements in oil, gas, defence, investment and other key sectors.
Queried whether there was resolution on recognition of medical degrees offerred to Indian students in Russia, the Foreign Secretary said the issue was still under discussion.