"We are committed to building a new India. We have to do this as early as possible," he said.
Modi will hold several bilateral meetings with the leaders of the SCO member countries including China's Xi Jinping.
During his two day visit, Modi is expected to seal a raft of major deals in defence, nuclear energy and hydrocarbons sectors to further cement their 'special and privileged strategic ties'.
China should not feel cornered by a raft of geopolitical moves by the US and Japan against it by forging closer ties with India, Russia and others in the region and Beijing should focus on becoming a strong economic and military power, a state-run daily said on Thursday.
'Russia is the only country that can act as facilitator for any eventual Chinese-Indian rapprochement,' points out Ambassador M K Bhadrakumar.
Russian President Vladimir Putin arrived in New Delhi late on Friday night for annual summit talks with Prime Minister Narendra Modi on Thursday that is aimed at building on the already close strategic ties, particularly in the fields of nuclear energy, hydrocarbons and defence.
'India will come increasingly in the US crosshairs if it insists on maintaining its strategic autonomy, warns Ambassador M K Bhadrakumar.
'But Russia is well aware of Pakistan's nuisance power on its border.'
Modi said India and Russia have been friends for a long time and thanked Putin for inviting him for the first-ever informal meeting at Sochi.
The tour is aimed at boosting India's economic engagement with these nations and inviting more investment.
'One lesson to emerge out of the Modi-Putin summit is that India can be more self-confident that it possesses inherent strengths to leverage its interlocutors to influence Pakistani policies,' says Ambassador M K Bhadrakumar.
Prime Minister Narendra Modi has favoured broadening of the strategic partnership with Russia in nuclear, defence and energy sectors and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December for his annual summit.
'From the Indian perspective, Trump's invitation to Imran Khan to visit the White House is a bitter pill to swallow,' points out Ambassador M K Bhadrakumar.
Modi's visit to Spain will be first visit by an Indian prime minister since 1988.
Putin said India will become a full-fledged member of the SCO in a week.
India on Monday did some plain-speaking with China over its blocking of the Indian bid to get JeM chief Masood Azhar banned by the UN and warned the global community of "serious consequences" if it continues to adopt "double standards" in dealing with terrorism.
Terrorism and Afghanistan were the focus points of Prime Minister Narendra Modi's talks with Uzbek President Islam Karimov on his first visit to Central Asia.
Russia is a strong and reliable friend of India and both countries have a "truly strategic" partnership, PM Modi on Thursday told President Vladimir Putin.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
The defence ministry needs to focus keenly on "Made in India" projects without being distracted by "Make in India" slogans, says Ajai Shukla
Delhi's inability to open up a new canvas with Pakistan and Sharif is symptomatic of its sluggish thinking. Jyoti Malhotra analyses
