Observing that there was no significant sector in India that has not been benefited from Russia [Images], Prime Minister Manmohan Singh [Images] on Tuesday night said the bilateral strategic relationship was based on political consensus in both the countries despite the transformations underway.

"Our strategic relationship is based on political consensus in both countries. Despite the historic transformations underway in both countries, the essence of our partnership has not been diluted," Dr Singh said in his speech at the banquet hosted in his honour by Russian President Vladimir Putin [Images].

He said there was no 'significant sector of our national endeavour in which we have not been benefited from Russia. Today, as before, Russia is a valued strategic partner. Our relationship has adapted very successfully and productively to current requirements'.

"But what we will do together in partnership draws on the legacy of cooperating for mutual benefit," Singh said, adding the sectors of cooperation has now expanded.

Recalling that India's first prime minister Jawaharlal Nehru had laid the foundation of an 'abiding friendship' based on mutual trust and confidence 50 years ago, he said 'it is fitting to recall the crucial assistance we received from Russia in India's emergence as a country with a fully developed industrial base'.

"I am convinced that we will find even greater convergence in our efforts as we move forward. I have no hesitation in saying that communication between our two great nations has never been so clear and lively," Singh said.

He said the two nations were 'united in our support for a multi-polar world and in our resolve to root out the menace of international terrorism'.

The prime minister also referred to the different areas of Indo-Russian partnership including trade, investment, joint R&D to take full advantage of the global opportunities available, besides working together in multilateral fora in pursuit of common objectives.