After Act East, Prime Minister Narendra Modi announced India’s Act Far East Policy in Vladivostok.

In his address at the Eastern Economic Forum, Modi said India would be providing $1 billion as the line of credit to the Russian Far East. India is now looking to import more oil and gas from Russia and has signed a five-year roadmap on hydrocarbons.

In an interview to CNBC-TV18, Russia's deputy chief of mission in India Roman Babushkin, said, "20th Indo- Russia Bilateral Summit is something very promising, that is becoming a stronger pillar of our special and privileged strategic partnership."

Babushkin said it would be easier to name sectors in energy which include nuclear power, hydrocarbons, thermal, renewable energy, "We have a very successful history of two decades jointly developing oil fields in Russia. A number of joint projects which are currently discussed or implemented in a very successful way. They are also mentioned in the joint statement."

To discuss these developments in detail, CNBC-TV18 spoke with Kanwal Sibal, former foreign secretary and Kartikeya Singh, senior fellow, Center for Strategic and International Studies (CSIS).