Modi and Putin, during a meeting on the sidelines of the Shanghai Cooperation Organisation summit here, discussed a range of bilateral and multilateral issues of mutual concern.
"The two leaders discussed cooperation in civil nuclear energy, partnership in the gas and petrochemicals sector. They also discussed furthering cooperation in the space sector. Matters relating to trade and investment also came up," External Affairs Ministry Spokesperson Vikas Swarup said.
India will have to sign around 30 other documents in the course of the year to complete the process for membership. Pakistan is also being inducted into the SCO as a full member.
Putin said Russia was looking forward to India's chairmanship of BRICS, adding it has grown in influence.
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"President Putin said India is a special and privileged partner. There is long standing friendship between Russia and India. He welcomed India signing the Memorandum of Obligations of SCO and looked forward to India's Chairmanship of BRICS, which has grown in influence," said Swarup.
India has assumed chairmanship of the influential bloc BRICS comprising five countries having 42 per cent of the world population and combined GDP of over USD 16 trillion.
India will host the BRICS (Brazil-Russia-China-South Africa) summit later this year. Russia had the chairmanship of BRICS and it was passed onto India.
The 7th BRICS summit was held in the Russian city of Ufa on July 8-9 last year.
"Both leaders recalled old cultural connections and agreed to find ways of further invigorating cultural ties," said Swarup.