NEW DELHI: India has in the past rescued the Russian defence production industry with huge infusion of funds, and can do so in future. It's no wonder cash-strapped Moscow wants India to quickly stitch up deals worth billions of dollars for helicopters, transport aircraft, and another nuclear submarine.

Russia will take solace from Narendra Modi 's assurance to Vladimir Putin that Russia will remain India's top defence supplier, although New Delhi may be increasingly sourcing military equipment from the US, Israel and France.

An immediate outcome is India's decision to acquire another Akula-II class nuclear-powered submarine on lease from Russia, much like INS Chakra was inducted in April 2012, on 10-year lease for around $1 billion.

India secretly funded most of INS Chakra's construction after Russia stopped it because of financial problems after Soviet Union broke up in 1991. Russia is now offering another mothballed Akula-II submarine - Irbis - which could cost India over $1.5 billion.

Russia wants early inking of the final R&D contract for the joint fifth-generation fighter (FGFA) project, in which India will invest $5.5 billion to develop a stealth fighter. India will spend around $25 billion on 127 such fighters, to be built domestically, in the FGFA project.

“Russian shipyards and aerospace industry would've floundered had India not placed mega orders in the past," an official said. These include refit of aircraft carrier Admi refit of aircraft carrier Admi ral Gorshkov or INS Vikra maditya ($2.33 billion), six Talwar-class stealth frigates (almost $2 billion), 272 almost $2 billion), 272 Sukhois (project cost over $12 billion), 45 MiG-29Ks ($2 billion), 139 Mi-17 V5s helicopters (over $2 billion).

ndia has been Russia's st defence customer, biggest defence customer, with imports worth over $40 billion over the years. But India has turned to others, miffed at Russia's unreliable delivery schedules, cost revisions, technology transfer hurdles and shoddy spares support.The US has bagged Indian defence deals worth $10 billion since 2007-2008, dislodging Russia for the topmost position in the last three years. But only Russia helps India in strategic projects, from providing nuclear submarines to helping India build its own.