New Delhi: India and Russia reaffirmed their ambition to raise bilateral trade to $100 billion by 2030 as Prime Minister Narendra Modi and President Vladimir Putin met on Friday for the 23rd India-Russia Summit and later at the India-Russia Business Forum, marking another significant chapter in their long-standing strategic partnership.
Opening the engagement, PM Modi noted that President Putin’s visit came at a time when the relationship was crossing “several historic milestones”, recalling that “exactly 25 years ago, President Putin laid the foundation of our Strategic Partnership”, and that in 2010 it was elevated to a Special and Privileged Strategic Partnership.
The PM emphasized that President Putin’s “leadership has elevated our mutual ties to new heights in every circumstance”. Reflecting on decades of cooperation, Modi remarked that despite global upheavals, “the India-Russia friendship has remained steady like a guiding star”.
The leaders reviewed the full spectrum of cooperation — from defence and energy to trade, connectivity, and cultural exchanges — with the shared goal of shaping a deeper, more future-ready partnership.
Economic collaboration remained a central theme. PM Modi expressed confidence that the newly reaffirmed trade goal (of $100 billion) would be met ahead of time, saying, “Considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule.”
To support this ambition, the two sides endorsed an Economic Cooperation Program until 2030, aimed at diversifying trade, expanding investment flows, and promoting collaboration in emerging sectors such as co-production, co-innovation, advanced materials, electric mobility, vaccine development, and automotive technologies.
The PM underscored the complementary strengths of both economies, while highlighting that India and Russia are “actively working” to fast-track the Free Trade Agreement with the Eurasian Economic Union.
President Putin, in turn, reinforced Russia’s readiness to expand the partnership, stating, “What we want is the development of our multi-faceted relations with India in various fields.”
He added that Russian companies were prepared to “increase manifold” their imports of Indian goods and emphasized the need for resilient payment systems and insurance mechanisms to ensure smooth trade despite external financial restrictions.
Energy cooperation — one of the strongest pillars of the partnership — was further strengthened. Russia signalled readiness to ensure uninterrupted fuel supplies and explore joint work on small modular reactors and floating nuclear power plants. Both sides also emphasized collaboration in critical minerals, civil nuclear energy, and shipbuilding, recognizing their importance for high-tech manufacturing, clean-energy transitions, and job creation.
People-to-people ties were also expanded. Modi announced that India would soon offer free 30-day e-tourist visas and 30-day group tourist visas for Russian nationals.
On global issues, India reiterated its consistent advocacy for peace regarding the Ukraine situation. Modi said India “welcomes all efforts being made for a peaceful and lasting resolution” and remains ready to contribute.