However, it is not the energy sector only that the two states are going to cooperate in. Military technology, telecommunications, hi-tech and pharmaceuticals are also in the spotlight.

"The Russian-Indian partnership is developing actively," Sobyanin said. "The continuous high-level contacts and the common wish for mutually beneficial cooperation, which has developed into a series of projects, add a new quality to Russia-India relations," he said. "In this light, even the ambitious goal of bringing bilateral trade to $20 billion in 2015 looks attainable."

Sobyanin is a co-chairman of the Russian-Indian inter-governmental commission for trade, economic, scientific-technological and cultural cooperation. One of the main points of his three-day trip is the preparation for the Russian prime minister's visit to the republic, which is scheduled for mid-March.

Arms suppliers hunt for contracts at largest Asian fair

The Russian vice premier also took part in the opening of the DefExpo-2010, the land and naval systems exhibition held biannually in Delhi. Believed to be the largest-ever defense fair in South Asia, the event has gathered some 650 companies and delegations from more than 40 countries.

The four-day event has sparked unprecedented interest, with India’s recent announcement that it is ready to spend $50 billion over the next five years on equipping its military.

Armament giants flocked to the republic keen to cash in on India’s spending spree, with fighter jets and armored tanks at the top of the wish-list.

Speaking at the opening ceremony, Indian Defense Minister A.K. Antony said that the biggest challenge facing the world today is the security threats arising out of rapidly advancing technology. This, according to him, has added a new dimension to the overall security environment.

“We have to be on guard. So we have to strengthen our armed forces to act as a deterrent. That is our policy. That is why we are modernizing all their equipment,” Antony said as quoted by The Hindu. The official noted that India is not a “war-mongering” country and has “not invaded even an inch of soil of any other country ever” but added that “we will defend every inch of our territory.”

Russia is traditionally India's top defense supplier – with deals estimated at 1.5 billion dollars annually – but it faces tough competition from the US and Israel. However, Moscow is increasingly moving towards closer cooperation on new weapons systems, including a fifth-generation fighter jet.

Russian submarine Amur 1650

Russian companies will be displaying almost 500 items, and are expected to clinch at least one major deal to supply carrier-based MIG-29 planes – worth a total of $1.2 billion

16 Russian enterprises, including Rosoboronexport, “Splav”, the “Almaz-Antei” concern, and “IzhMash”, will showcase their latest achievements at the exhibition.

"The requirements of the Indian market in the sphere of defense industry are huge, they are growing faster than Russia's export capabilities," Viktor Komardin, deputy general director of Rosoboronexport, told Itar-Tass agency. According to Komardin, "a niche, which is occupied by other countries – the United States, Israel, France – is emerging…But Russia remains the leader in this niche."

This, in particular, concerns the field of high-technology. "From the point of view of high-technology, we are the first and most-experienced," Komardin said, adding that Russia and India have been cooperating in the defense industry field since the 1970s.

According to the state enterprise’s press-release, this year Rosoboronexport will present a state-of-the-art submarine called Amur 1650, which “can operate in all regions of the world’s oceans and deliver missile attacks against underwater, surface and land-based targets.” The sub is currently undergoing final tests and will soon be commissioned for the navy.

T-90S (RIA Novosti)

The Russian weapon export monopoly will also showcase Project 20382 – a small patrol ship (corvette) the hull of which is made using stealth technology – and Sobol and Mangust patrol boats.

In addition, potential customers will be able to see the BTR-80 and BTR-80А armored carriers, designed to carry ground and marine personnel and provide fire support to motorized infantry units.

“It gives no doubt that specialists and guests at the exhibition will be attracted to the upgraded BMP-3M highly-maneuverable infantry combat vehicle. It is armed with a 100mm smoothbore missile launcher, 30-mm automatic cannon and 7.62-mm machine gun, integrated into a single weapons module,” the press-release reads.

The T-90S – “one of the world’s best tanks to date”- will also be on display.