Energy security is critical for India's economic development: PM Modi

Asserting that energy security is critical for India's economic development and creating jobs for the youth, Prime Minister Narendra Modi on Thursday said Russia is a key partner in this area.

"I am pleased that the first unit of the Kudankulam Nuclear Power Plant is on stream. It has added 20 percent to the existing capacity for nuclear power in India. We are on course for installing the next three units of 1000 MW each," Prime Minister Modi said in his media statement during the official visit of Russian President Vladimir Putin to India.

"Today, we have outlined an ambitious vision for nuclear energy of at least ten more reactors. It will have the highest standards of safety in the world. It will also include manufacture of equipment and components in India. This also supports our Make in India policy," he added.

Prime Minister Modi said Russia is the world's top source for hydrocarbon resources; and, India one of the world's largest importers.

"Yet, despite our close friendship, our collaboration in this sector has been disappointing. Today, we have made a new start with a few important agreements. But, we will set an ambitious agenda for partnership in oil and natural gas," he added.

Prime Minister Modi said both sides have today taken a number of decisions and signed several agreements.

"They also reflect our shared belief that in today's world, vibrant economic relations constitute a key pillar of a strong strategic partnership. Similarly, closer contacts between people and in areas like education, culture and tourism are important," he added.