India-Russia share unique and special bondage in their bilateral relationship, officially labeled as “Special and privileged strategic partnership”. Russia has been a major super power and it is reasserting itself under the leadership of President Vladimir Putin. India is an emerging potential power in Indo-Pacific and it is the fourth largest economy in the world in term of purchasing power and parity. At varied multilateral forum, the leadership of both the nations has shared the common vision to shape the uni-bipolar world order into a multipolar world order. Recent transitions at global level and engagement of revisionist power China and status quoits US, also play critical role apart from India and Russia in setting stage for multipolar world order. This paper also throws light on the recent initiatives and equilibrium between India-Russia under BJP led Modi government.