Sberbank, Russia’s largest bank, along with JSC First Asset Management, has launched a new mutual fund called First–India. The fund allows Russian retail investors to invest in India’s stock market by tracking the performance of the Nifty50 Index — NSE’s benchmark index made up of the country’s top 50 companies by market capitalization. The launch was announced at the National Stock Exchange of India during Sberbank CEO and Chairman of the Executive Board Herman Gref’s business visit to India. 

The Nifty50 is one of the world’s most widely followed stock market indices. It includes 50 large, liquid companies across 15 major sectors of the Indian economy. More than 45 funds in India and 22 funds abroad track the Nifty50 Index. Launched in 1996, the index will mark its 30th anniversary on April 22, 2026.

Ashishkumar Chauhan, MD & CEO, NSE: “We are pleased to support Sberbank in launching Nifty50-linked investment solutions that strengthen capital flows and open India’s equity growth to Russian investors through a trusted benchmark. This initiative reflects strong confidence in India’s markets and deepens the India–Russia financial cooperation. NSE is committed to partnering with Sberbank to enhance market connectivity, uphold regulatory and investor-protection standards, and build liquidity and transparency for these products as we create new opportunities for investors in both countries.”

Herman Gref, CEO and Chairman of the Executive Board, Sberbank: “We are opening another window of investment opportunities for our Russian clients, this time to South Asia. Our new product provides a convenient way to gain exposure to one of the world’s key economic markets—the Indian stock market. Until now, no straightforward options existed for Russian investors seeking personal investments in Indian assets. However, we have created a new and efficient financial bridge between the two countries.”

NSE is India’s largest stock exchange and a key platform for trading, investment products, and market innovation.

India has just concluded one of its most strategically important diplomatic engagements as Prime Minister Narendra Modi hosted Russian President Vladimir Putin for a two-day visit that kept the world watching. While public discussions focused on trade and cooperation, the real attention—especially among defence watchers and netizens—remained on the S-400 systems, Su-57 fighter jets, engine collaborations and the possibility of deeper manufacturing integration between the two countries. The significance of this moment becomes clearer when we look back fifty-four years to a defining chapter in India’s strategic history.

In 1971, during the India-Pakistan war, the United States sent its powerful Task Force 74, led by the nuclear-powered aircraft carrier USS Enterprise, into the Bay of Bengal in an attempt to pressure India. The Soviet Union, under the leadership of Leonid Brezhnev, responded instantly, dispatching nuclear-armed submarines and cruisers from Vladivostok. They shadowed the American fleet, making it clear that Moscow would not allow interference. The US task force, despite its might, quietly withdrew. That moment cemented Russia as India’s most dependable strategic ally—one that stood by India when it mattered the most.

Fifty-four years later, in 2025, President Vladimir Putin’s visit to India revived that legacy of trust. Wrapping up his two-day trip on December 5, Putin proposed the localisation of Su-57 fifth-generation fighter jet production in India, a move that has the potential to reshape India’s defence manufacturing landscape. Modi and Putin oversaw the signing of sixteen agreements covering defence, nuclear cooperation, energy, trade and technology, with a shared ambition of touching $100 billion in bilateral trade by 2030. Although the official joint statement avoided any new defence deal announcements, the real depth of the conversations lay behind closed doors, where both nations focused on accelerating defence manufacturing, technology transfer and long-term cooperation.

Putin’s arrival in New Delhi marked his first visit to India since 2021, at a time when Russia is also exploring a peace framework with Ukraine based on a draft proposed by US President Donald Trump. India, meanwhile, continues to depend heavily on Russian-origin platforms, including fighter jets, submarines, tanks and air defence systems. During the meeting, Indian officials reviewed ongoing procurements, including additional S-400 systems—which played a crucial role during Operation Sindoor—and discussed the maintenance and support required for India’s extensive Russian-built inventory.

One of the most important developments during the visit was Russia’s announcement that it is prepared to set up a full production line for the Su-57 in India. The plan involves initial deliveries from Russia while India builds up local assembly capability, with the goal of delivering the first twenty to thirty aircraft within three to four years and completing a full order of seventy to one hundred jets by the early 2030s. Moscow has also offered localisation of UAV manufacturing, including the production of the battle-tested Lancet drones, along with the transfer of engine technologies, sensors and stealth materials. HAL’s Nashik division is being considered as the potential hub for both fighter-jet and UAV manufacturing.

Defence analysts in India have welcomed the proposal, calling it a major breakthrough that aligns with the government’s Make in India and Atmanirbhar Bharat initiatives. A retired IAF official described the offer as transformative, noting that it allows India to acquire fifth-generation capability while simultaneously building domestic expertise in avionics and stealth technologies. This cooperation could also provide momentum to the AMCA project, which remains in its early stages.

As Putin and Modi met in New Delhi, the Su-57 offer loomed large in the background, with Kremlin spokesperson Dmitry Peskov confirming that Russia is ready to meet any requirements India may have. Although no new defence agreement was publicly signed, the visit marks a deeper strategic shift. It signals Russia’s willingness to co-develop next-generation systems with India and India’s determination to emerge as a global defence manufacturing hub. At a time of changing global power dynamics, sanctions, wars and shifting alliances, the India-Russia partnership—born in the Cold War and tested in the flames of 1971—continues to shape the future of Asian and global geopolitics.