- New Delhi, Moscow can reach $100B in bilateral trade even before set target of 2030, says Indian Premier Modi
ISTANBUL/MOSCOW
Russian President Vladimir Putin said on Friday that Moscow and New Delhi are working to boost bilateral trade to $100 billion, as the bilateral trade turnover has hit records.
Speaking at a press conference in New Delhi following a meeting with Indian Prime Minister Narendra Modi, Putin said that last year, the trade turnover grew by another 12%, setting a new record.
"Different statistical figures slightly differ, but overall, it amounts to around $64-$65 billion. It is forecasted that the trading volume for this year will remain roughly at the same level. However, it appears feasible for us to bring this indicator to the mark of $100 billion," he said.
To achieve this goal, a program of Russian-Indian economic cooperation until 2030 has been coordinated, defining benchmarks for intergovernmental bodies to facilitate trade, advance joint projects, and strengthen technological and investment collaboration, he explained.
Moscow and New Delhi are also working on an agreement for a free trade zone between India and the Eurasian Economic Union, he said.
Amid Washington's 50% tariff on Indian imports, partly due to India's purchase of Russian oil amid the conflict in Ukraine, Putin said Moscow is ready to continue ensuring uninterrupted fuel supplies to India.
Meanwhile, Russia and India are consistently transitioning to national currencies in mutual payments to avoid the use of the dollar as a political tool, he added.
The share of the ruble and the rupee in bilateral payments has increased to 96%, Putin noted.
Speaking at the Russian-Indian Business Forum later the same day, Putin said Russia wants to develop multi-dimensional relations with India in various directions.
"The Russian delegation did not come here just to discuss energy issues, not just to place orders and sign contracts for the supply of oil or gas. We want to develop multidimensional relations with India in various areas," he said.
The president emphasized that the forum was conceived to showcase the multifaceted opportunities for bilateral cooperation.
"Mr. Prime Minister (Modi) has repeatedly stressed in our personal conversations that India has immense growing potential in many areas, but it has not yet been utilized to the extent we would like," Putin said, adding that this desire is mutual.
Returning to the issues of the payments in national currencies, Putin explained that they enable Moscow and New Delhi to conduct financial transactions smoothly and irrespective of external market conditions.
"Free trade is inconceivable without a robust system of bilateral settlements, reliable payment, and insurance mechanisms. Using national currencies offers tangible benefits, enabling seamless financial operations regardless of external market fluctuations," he said.
Putin further said that it was important to go beyond trade, and to also develop cooperation in other areas, including industry and artificial intelligence (AI).
The Russian president invited Indian businessmen to create new products and strengthen tech alliances, especially in fields like AI, digitalization, robotics, pharmaceuticals, and high-tech medical equipment.
He also said that Russia is interested in participating in the upcoming Artificial Intelligence Summit planned in India in February 2026.
"We'll send a representative delegation to this event," he added.
$100B target could be reached even before 2030, says Modi
Addressing the business forum, Modi said that he had “substantive talks” with Putin, with the two leaders discussing cooperation in various fields such as logistics, deep-sea fishing, vehicle production, pharmaceuticals, textile manufacturing, and people-to-people exchanges.
Referring to the goal of $100 billion in bilateral trade by 2030, Modi said: “We can reach this goal much earlier.”
“We are moving towards this goal, and I'm sure that we will be able to accomplish it much earlier than 2030. All kinds of barriers are being eliminated, being removed,” he said.
He also said New Delhi and Moscow have been taking steps toward a free trade deal between India and the Eurasian Economic Union.
“Our roles are not limited to enhancing mutual trade. We want to ensure the well-being and welfare of the entire mankind. And to accomplish these, we need long-term solutions to the existing global problems, global challenges. India is willing to work next to Russia along this path,” Modi added.
Earlier, during summit-level talks, the two sides agreed to a five-year economic program to "further strengthen" the "special and privileged strategic partnership" between India and Russia.
The two sides exchanged several documents, including memoranda of understanding on trade and commerce, migration and mobility, maritime cooperation (port and shipping development), health and food safety, fertilizers, academic exchanges, media cooperation, and enhancing people-to-people ties
