By Sanjay Kumar
As Europe weathers a recession, major players on the continent are looking towards India to boost their sagging economies. Despite its own economic slowdown, the subcontinent’s rising economic profile and rapidly expanding infrastructure prompted newly elected French President Francois Hollande to visit New Delhi on Valentine's Day, his first official trip to Asia since assuming office.
During the two-day visit, Hollande and Indian Prime Minister Manmohan Singh concluded negotiations on a Short Range Surface-to-Air Missile deal worth nearly U.S. $6 billion.Despite expectations, however, the two leaders did not ink the much talked-about $12 billion deal for India to buy Rafale fighter jets from France, despite a year of negotiation.
In a joint press conference in New Delhi after the talks, Singh said, "Discussions on the…contract are progressing well. We have also concluded negotiations on the Short Range Surface to Air Missile, which, once approved by the Government, will be co-developed and co-produced in India."
This joint project is a significant step for India and France, and gives a new impetus to the strategic partnership agreement signed between the two countries in 1998.
Read the full story at The Diplomat