INDIA-RUSSIA RELATIONS IN EMERGING WORLD ORDER

India and Russia have acquired a new self-confidence arising out of their rapid economic growth. As rising economic powers, both India and Russia are playing an increasingly larger role on the world stage. This article mentions about their traditional friendly relations before disintegration of the Soviet Union and continuing close relations during the transition period and their interest in further deepening and diversifying close and multifaceted ties with each other in the coming years. The article mentions briefly about the historical background, it depicted how since the very early times both these countries are linked and dependent on each other. Article indicates about both the countries interest in creation of the more democratic, multipolar world and wants peace and stability and thus shares similar views on many aspects. The USSR was instrumental in helping independent India industrialise, develop its scientific potential, and defend its territorial integrity. The IndoRussian relationship developed a level of trust between two independent countries that was unprecedented in international affairs. The collapse of the USSR negatively affected the bilateral relations, though the political leadership in both countries succeeded in containing the impact. Today the two countries need to find new ways to reignite their ties in a rapidly changing international system. Continuity, mutual trust and confidence are the major pillars of India-Russia relations or the basis of solid background of Indo-Soviet ties. The bilateral relationship has developed into a strong “strategic partnership” in recent years. One important point of the old Indo-Soviet friendship was a special bilateral trade and economic relationship. Although this arrangement had the usual weaknesses of corruption, patronage, transactions in low quality products, it helped many small and medium size private companies to become exporters. After the disintegration of the Soviet Union, this relationship has been badly damaged. Economic transformation in Russia from a centrally planned economy to a market economy in 1992 – coined as the policy of economic liberalization in India. These developments changed the nature and character of foreign economic relations in both the countries. Therefore, despite having solid economic and trade relations in the past, a large part of the 1990s was a period of difficult adjustments for both Indian as well as Russian business.