On Friday, India and Russia pledged to increase bilateral trade to $100 billion by 2030. Prime Minister Narendra Modi stated that the goal could be accomplished "well ahead of schedule".
"I am optimistic that we will accomplish this goal considerably ahead of schedule given the enormous potential in our collaboration.
Recalling the $100 billion objective he and President Vladimir Putin had set last year, Modi stated, "We are making rapid progress towards this goal." At the India-Russia Business Forum, the two leaders were giving speeches.
According to Modi, Russia's expertise in innovative materials and India's leadership in affordable EVs, two-wheelers, and CNG mobility may work together to create growth in the Global South. They could also work together on vaccine development, cancer therapies, and automotive components.
The PM stated that both nations were "actively working" to conclude the free trade agreement with the Eurasian Economic Union, which is made up of Kazakhstan, Kyrgyzstan, Belarus, Armenia, and Russia, as soon as possible.
Putin stated that Moscow sought to strengthen collaboration in the areas of trade, culture, economy, and security. "What we want is the development of our multi-faceted relations with India in various fields," he stated.
He went on to say that Russian businesses were prepared to "increase manifold" their purchases of Indian products and services.
He emphasized that robust payment methods and insurance mechanisms a problem that has complicated settlements since banking restrictions on Russia would be necessary for unfettered trade.
Putin stated that Russia is prepared to guarantee continuous gasoline imports and wants to increase energy cooperation with India.
He said that Moscow was willing to collaborate on floating nuclear power projects and tiny modular reactors. Additionally, he aimed to improve industry cooperation by concentrating on cutting-edge technology like artificial intelligence.
Last Monday, India and the Russia-led Eurasian Economic Union started their first round of free trade discussions. In 2024-2025, India exported commodities worth $4.9 billion to Russia while imported goods worth $63.8 billion, mostly petroleum products and crude oil, resulting in a $59 billion trade imbalance. India aims to diversify the products in its trade basket with Russia.
