New Delhi, Dec 5: Hailing India-Russia ties, Prime Minister Narendra Modi on Friday said that the friendship between the two countries has remained like a pole star amidst the ups and downs faced by the world in the past 80 years.

While making a joint press statement with Russian President Vladimir Putin following their talks at the Hyderabad House in New Delhi on Friday, PM Modi said that the ties between two nations have stood the test of time and thanked Putin for his friendship and unwavering commitment to India while recalling the efforts made by the Russian leadership to elevate bilateral ties.

“Today, I am delighted to welcome President Putin to the 23rd India-Russia Summit today. His visit comes at a time when our bilateral relations are experiencing several historic milestones. 25 years back, President Putin laid the foundation for our strategic partnership. 15 years ago, in 2010, our partnership was granted the status of a Special Privileged Strategic Partnership. For the past two and a half decades, he (President Putin) has nurtured this relationship with his leadership and vision.

“His (President Putin) leadership, under all circumstances, has elevated our ties to new heights. I express my heartfelt gratitude to President Putin, my friend, for this deep friendship and unwavering commitment to India. The world has seen many ups and downs over the past eight decades. Humanity has faced many challenges and crises and amidst all this, the India-Russia friendship has remained like a pole star. This relationship, founded on mutual respect and deep trust, has always stood the test of time,” he added.

Recalling recent heinous terror attacks in both countries, PM Modi said that India and Russia have stood together in the fight against terrorism.

“Today we also discussed regional and global issues. India and Russia have long cooperated shoulder to shoulder in the fight against terrorism. Whether it’s the terrorist attack in Pahalgam or the cowardly attack on Crocus City Hall — the root of all these incidents is the same. India firmly believes that terrorism is a direct attack on the values ​​of humanity and global unity against it (terrorism) is our greatest strength.”

PM Modi announced that India and Russia will cooperate to train Indian seafarers in polar waters. “We will now cooperate to train Indian seafarers in polar waters. This will not only strengthen our cooperation in the Arctic, but will also create new employment opportunities for India’s youth.”

Reiterating India’s stance on Ukraine conflict, he said, “India has advocated for peace in Ukraine from the very beginning. We welcome all efforts to find a peaceful and lasting solution to this issue. India has always been ready to contribute and will continue to do so.”

PM Modi also termed energy security as a strong and important pillar of India-Russia partnership. He stated that cooperation between India and Russia in civil nuclear energy has been crucial in realising shared clean energy priorities.

“Energy security has been a strong and important pillar of the India-Russia partnership. Our decades-old cooperation in civil nuclear energy has been crucial in realising our shared clean energy priorities. We will continue this win-win cooperation. Our cooperation in critical minerals is crucial to ensuring secure and diversified supply chains across the world,” stated PM Modi.

Earlier, taking the India-Russia Special and Privileged Partnership ahead, PM Modi warmly welcomed President Putin at the Hyderabad House to participate in the 23rd India-Russia Annual Summit.

With both countries sharing a longstanding and time-tested bond, the two leaders are holding comprehensive and detailed discussions aimed at further strengthening the bilateral relations.

Mumbai, Dec 5: Indian equity markets opened slightly lower on Friday, as investors awaited the Reserve Bank of India’s key interest rate decision.

The Monetary Policy Committee (MPC) will announce the repo rate at 10 AM after concluding its three-day meeting, keeping traders cautious at the start of the session.

At the opening bell, the Sensex was at 85,187, down 79 points or 0.09 per cent. The Nifty also saw a mild decline, slipping 12 points or 0.05 per cent to 26,021.

Several heavyweight stocks dragged the market, with Reliance Industries, Trent, Tata Steel, Bharti Airtel, Tata Motors Passenger Vehicles, Sun Pharma and Titan trading in the red.

On the other hand, companies like Eternal, BEL, Maruti Suzuki, Bajaj Finance, Kotak Mahindra Bank, Infosys and Ultratech Cement were among the top gainers, offering some support to the benchmarks.

In the broader market, sentiment remained soft as the Nifty MidCap index edged down 0.07 per cent, while the Nifty SmallCap index fell 0.30 per cent.

Sector-wise, pharma and metal stocks were under pressure, with both indices declining 0.3 per cent.

However, real estate stocks bucked the trend, helping the Nifty Realty index gain 0.28 per cent.

Analysts said that the markets traded cautiously ahead of the RBI’s policy outcome, with investors keeping a close watch on the central bank’s commentary and the interest rate outlook.

Rupee’s sharp recovery yesterday to 89.97 from the low of 90.42 is signalling some sort of stability in the currency market.

“RBI governor’s views on the rupee today will significantly influence the near-term direction of the currency,” analysts said.

New Delhi, Dec 4: During Zero Hour in the Rajya Sabha on Thursday, Congress MP from Madhya Pradesh Vivek Tankha voiced deep concern over what he described as the “freefall of the Indian rupee” and the widening economic distress affecting ordinary citizens across the country.

Calling the issue “extremely topical and urgent”, Tankha said the currency’s sharp decline was inflicting widespread financial strain on households, businesses and key sectors of the economy.

Tankha noted that the rupee had crashed past Rs 90 per US dollar — touching between 90.14 and 90.19 — marking the weakest level in India’s history. Over the past five years, he said, the rupee has lost between 20 per cent and 27 per cent of its value, effectively reducing the purchasing power of people’s income by nearly one fourth. In global terms, the rupee has fallen 5 per cent this year alone, its steepest drop since 2022, making it one of Asia’s worst-performing currencies in 2025.

He further highlighted that India recently recorded a monthly trade deficit exceeding USD 40 billion, underscoring how sharply imports outweigh exports. At the same time, foreign investors have withdrawn more than USD 17 billion from Indian markets this year — the largest outflow in several years — drying up capital and weakening investor sentiment.

“FDI flows are stagnant, external borrowings have slowed, and the world is becoming increasingly wary of India’s external stability,” Tankha warned.

Emphasising the direct impact on citizens, he said that every bout of rupee depreciation makes imports costlier, and India relies heavily on imported fuel, cooking gas, electronic machinery and medicines. A 5 per cent fall in the rupee, he explained, pushes inflation up by 30-35 basis points.

“Every household ends up paying more. Food prices rise, transport costs increase, and a chain reaction follows that hits the poor the hardest,” he said.

The middle class, he added, is also feeling the squeeze as the prices of smartphones, laptops, medical equipment, school supplies, clothing and household appliances rise due to India’s dependence on imported components.

“For the common person, a falling rupee feels like a salary cut without the employer informing you. Your money buys less every day,” he remarked.

Tankha also drew attention to the pressure on Micro, Small and Medium Enterprises (MSMEs), many of which rely on imported raw materials. These businesses are facing a 20-30 per cent rise in input costs, shrinking already thin margins.

Machinery imports have become more expensive, slowing expansion and putting jobs at risk. Exporters, he said, are not gaining from the weaker rupee because major export sectors — such as textiles, chemicals and engineering goods — depend heavily on imported intermediaries.

“Small manufacturers are caught in a double blow: higher costs and weaker demand,” he said.

Companies with foreign currency loans are also struggling, with repayment costs rising by 15-20 per cent due to the rupee’s depreciation, weakening corporate balance sheets and threatening financial stability.

A falling rupee, Tankha added, discourages overseas investors, creating a “vicious cycle” where declining confidence further accelerates currency pressure. “As the rupee falls, investors pull out, and markets shift,” he cautioned.

Tankha urged the government to recognise the seriousness of the situation and take urgent corrective measures to stabilise the currency and safeguard vulnerable sectors of the economy.