Here are the latest developments:
Talking about India-Russia ties at Expocentre, the Prime Minister said "Political relations, trade relations is one thing. Our ties go beyond that."
Underscoring India's growing role in the international fora, PM Modi said, "Earlier India used to be a spectator. Today whenever the world takes a decision, India has a role to play... The world has now accepted what India has been saying on terrorism."
Earlier, at a joint media conference with President Putin, PM Modi announced the agreements signed between the two nations. "The agreement on manufacture of Kamov 226 helicopter in India is the first project for a major defence platform under Make in India," he said.
President Putin said Russia plans to build at least six new nuclear power units in India over the next 20 years.
"Nature has destined us to work together. From hydrocarbons, our cooperation is moving to the hardest form of carbon - diamonds," PM Modi said at the CEO's Forum. Russia, he said, is keen on investing in Mumbai-Delhi industrial corridor.
The two leaders have agreed to institutionalise the CEO's Forum, with two meetings every year, one to be held in India and the other in Russia. The volume of current bilateral trade between the two countries is around $10 billion and both sides are aiming to take it to $30 billion over the next 10 years.
PM Modi, who reached Moscow on Wednesday, held talks in the morning with President Putin to start the annual summit. The talks between the two countries have been taking place alternately in Moscow and New Delhi since 2000.
Earlier today, PM Modi visited the Tomb of the Unknown Soldier, a war memorial dedicated to Soviet soldiers killed in World War II.
He also visited Russia's National Crisis Management Centre or NCMC. A multi-level coordination centre, NCMC processes information from across Russia and monitors industrial facilities, crowded areas, tsunami threats and other natural disasters.
Last night, President Putin hosted a private dinner for PM Modi and held a tete-e-tete in Kremlin, during which the two leaders touched upon issues of mutual interest. "The meeting was fruitful," PM Modi tweeted later.