While the two countries reached deals on joint production of multi-billion dollar jet fighter planes and building of two more Russia-aided nuclear reactors, the business houses of both sides signed eight pacts in pharmaceuticals, scientific and technical cooperation and other important areas.

Separately, India and Russia signed 30 deals in defense, nuclear and space sectors. The pacts were finalized on the sidelines of talks between Indian Prime Minister Manmohan Singh and Medvedev.

"India and Russia discussed setting up additional nuclear reactors in Kudankulam in Tamil Nadu," said Singh after the “comprehensive and result-oriented” talks. "And we have signed an agreement to broaden scientific and technical cooperation in the field of nuclear energy."

Russia will build at least 18 nuclear reactors at three locations in India, said Sergei Kiriyenko, chief executive officer of Moscow-based Rosatom.

The two countries vowed to increase business interaction with a view to explore investment opportunities in new areas including mining and information technology. An agreement was reached to establish a joint technological center.

An inter-governmental pact on cooperation in the oil and gas sector was also signed between the two countries. “This is the result of a lot of hard work put in by both sides, and reflects the complementarity between our two economies. We will work toward its implementation through a mutually agreed road-map,” said Singh.

Both the leaders agreed that while a global economic recovery was discernible, it remained fragile, and characterized by wide disparities in the experiences of individual countries. “To progress toward the shared goal of strong, sustainable and balanced growth it is essential for G20 countries to fully implement the Seoul Action Plan adopted at the recent G20 summit,” Singh and Medvedev said in joint statement.

The two sides welcomed the reform of the World Bank and reiterated their commitment to the successful completion of the reform of the International Monetary Fund as agreed to at the G20 Seoul Summit. It “will be a significant achievement in the general reform of the international financial architecture”, they said.

“Let us work together for a renewed thrust on bilateral trade and investment,” said India’s Commerce and Industry Minister Anand Sharma at a separate event on “Prospects of India-Russia Trade and Investment Relations Development”.

Sharma invited Russian business magnets to invest in India in the infrastructure sector. "In the next seven years, India will be spending $ 1.7 trillion to meet its infrastructure requirements. The government has instituted friendly policies for inviting FDI in these sectors and has addressed many areas to promote public private partnership as a plank of infrastructure development," Sharma said.

"Both countries should make available to each other the investment regulations and ways of doing business. At the same time, I would urge industry associations to increase their presence in each other's countries," he added.

Medvedev 's visit coincided with the 10th year of the establishment of a bilateral strategic partnership between the two countries. New Delhi and Moscow enjoy close ties that date back to the 1950s and analysts say Russia retains a competitive edge as a tried and tested ally even as India looks to build new strategic partnerships.