Russian President Vladimir Putin made a one-day visit to India on Monday, during which the two countries signed a series of pacts on defense cooperation and reached consensus to develop economic and trade relations.

Local opinions say that the leaders of the two countries have realized that the time-proved close relations between Delhi and Moscow must transform its one form which is centered around arms sale from Russia to India by developing economic and trade relations and seeking new stimulus for the promotion of India- Russia traditional partnership.

During his visit, Putin signed with Indian Prime Minister Manmohan Singh arms deals worth 2.9 billion U.S. dollars, including India's purchase of 42 Sukhoi 30MKI fighters and 59 Mi- 17 V5 military choppers. The two sides also signed agreement or Memorandum of Understanding on Russia's transfer of military high technologies to India and scientific and technological cooperation in outer space.

However, the sum of the contracts fell short of 7 billion U.S. dollars as was predicted by the media before the one-day visit by the Russian President.

What is noteworthy this time is that the leaders of the two countries have stressed the need to develop bilateral economic and trade cooperation. Putin and Singh agreed to open talks on Comprehensive Economic Cooperation Agreement which would cover Belarus, Central Asian republics, Russia and India.

Meanwhile, the government banks of the two countries also signed an agreement to set up a 2 billion U.S. dollar fund for promoting economic, trade and investment.

The Indian Prime Minister welcomed the joining of the World Trade Organization by Russia, which he said would facilitate India- Russia economic and trade cooperation and investment. He and the Russian President also expressed intention to carry out cooperation in the fields of pharmaceutical products, fertilizers, mining, IT, steel, civil aviation, telecom, infrastructure, agricultural processing, innovation and services.

For a long time, arms sales have been the pillar of Russia- Indian relations. Over 70 percent of India's military equipment imports are from Russia.

However, over the past decade, India is seeking diversified sources of arms supplies and have struck deals with western arms producers like the Dassault Aviation of France.

Russia has been losing a number of contracts to its western competitors. For instance, last month the U.S. Boeing beat Russian Mir in obtaining a large contract to produce military helicopters for the Indian Army.

Moreover, India and Russia have experienced some unpleasant incidents in their arms deals. The second-hand aircraft carrier Admiral Gorshkof's delivery to India has been repeatedly delayed over technological incidents and dispute over payment. India's interests in cooperating with Russia in producing the fifth generation fighter is also decreasing.

Analysts say that while spending huge amount of money to buy Russia arms, India must take into consideration its negative impact on India's own capability of arms production. Such purchases could restrain India's own financial and self-reliant ability to develop its own arms system and harm the development of domestic military industry, they point out.

The domination by arms deals in bilateral relations could also hamper healthy development the traditional ties in new international circumstances, said Indian Express, which described the status of India-Russia relations as being one of "stasis" marked by "incrementalism".

Meanwhile, India-Russia trade volume stands at 10 billion U.S. dollars only. The two sides now aimed to double the trade volume in three years and carry out more multilateral cooperation within such frameworks as the BRICS.