VVIP chopper deal: Middlemen should have no role in military contracts, says Russia
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Moreover, Russia is building a fifth-generation aircraft with India, as well as the BrahMos supersonic anti-ship missile.
In addition, the modernisation of the aircraft carrier INS Vikramaditya is being undertaken by Russia for the Indian Navy.
However, despite a long history of defence ties, new players in the Indian defence arena are offering a competition to Russia.
Russia had lost the bids for supply of multi-role fighter planes, helicopter gunships and heavy-lift helicopters.
"The military cooperation between the two countries is indeed important in our relations. Though new exporters of military equipment appear in Indian market, Russia is still in the leading position," Matvienko said.
She said despite the growing competition, Russia has preserved its leading position.
"And that speaks for the trust in our relations on one hand. On the other hand, that speaks for competitiveness, high quality and good price for Russian equipments...
"We are looking for news forms of cooperation in military and technical fields. We are not selling only the ready-made equipments but we are looking for development of new technology through joint research programme, joint enterprises in order to produce new equipments," she said.