Russia has been "a pillar of strength" for India, said Modi after holding the annual summit talks with Russian President Vladimir Putin here.
Modi said that "we have met twice at the opposite ends of the world - at Brazil and Australia".
He recalled that President Putin and then prime minister Atal Bihar Vajpayee launched the annual summit process in 2000.
The prime minister said the two countries have "a strategic partnership that is incomparable in content".
He added that Russia has been "a steadfast supporter" even in difficult moments of history.
There is a need to boost trade between India and Russia, Russian President Vladimir Putin said Thursday.
Speaking to media here after his summit talks with Prime Minister Narendra Modi, Putin said Russia was keen to deepen the political dialogue between the two countries to strengthen cooperation in various areas.
He said the two countries have a special privileged partnership.
"It continues to develop dynamically," Putin said.
Referring to the annual bilateral trade, he said it was not enough.
"We talked of measures to diversify bilateral trade," Putin said.