Largest Trading Partner
"Co-operation" is the third key-word in the Treaty. The Soviet Union occupies a distinguished place among our friends who came forward willingly and generously to help us in fulfilling our goals for economic development after our independence. As Jawaharlal Nehru observed, "Bhilai is embedded in the national conscience of the people of India as the symbol of a new era," an era of planned development, of basic and key industries. The Soviet Union had helped us in the vital task of building the infra-structure of our heavy industry.
Steel, heavy electricals, machine-building, oil prospecting and refining are but a few examples of the fields in which the Indo‑Soviet collaboration has proved most fruitful. From the modest trade turnover in the early fifties, Indo-Soviet trade has shown a phenomenal increase.
The Soviet Union has emerged as India's largest trading partner, and under the new long-term trade agreement, which is at present being negotiated for the corning five years; it is expected to double the trade turnover by the end of 1980. What is even more important is that the composition of trade has undergone changes which reflect the growing sophistication, capability, and potential of India's economy.
The progressive diversification in our export to the Soviet Union has enabled us to export not only traditional but also many non-traditional goods, including manufactured and engineering goods, to the Soviet Union.
Our cultural contracts have been regular and warm and have brought the people of our two countries closer to each other. There is considerable and growing awareness of each other's life, culture, urges and aspirations. The successful launching of a wholly Indian-made satellite ARYABHAT this year was yet another important milestone in the growth of our mutual co-operation and symbolises the new vistas of fruitful co-operation that lie before us.
We in India attach considerable importance to our friendship with the Soviet Union. It has emerged as a very important aspect of our external relations since independence. We rejoice in the fruitful co-operation that we have been able to forge between our two countries and our two peoples. Let us therefore rededicate ourselves on this historic anniversary to the task of continuing our joint struggle for strengthening world peace and promoting progress and co-operation.