Russian President Vladimir Putin is in India on a two-day visit where he attended the 23rd edition of the India-Russia Annual Summit and met Prime Minister Narendra Modi. The two leaders discussed removing trade tariffs and non-tariff barriers so that bilateral trade can reach $100 billion by 2030, up from $68.7 billion in 2024. The joint statement highlighted the promotion of mutual transactions in national currencies and consultations on payment banking systems and central bank digital currency systems.
Modi expressed confidence that the $100 billion target can be achieved ahead of schedule. The statement emphasized resolving energy-related issues and strengthening transport corridors, including the International North-South Transport Corridor, the Chennai-Vladivostok route and the Northern Sea Route. Experts say that although the $100 billion target is lofty, current economic opportunities, especially in energy and defense trade, can significantly help achieve it.
Broad agreements to increase trade, mobility and connectivity
Migration and mobility: Cooperation on management of labour activity and combating illegal migration
Health and food security: MoU on medical education, scientific cooperation and food safety
Maritime and polar cooperation: Partnership in polar research and port affairs
Education and research: Scientific cooperation between Indian and Russian institutions
Media cooperation: MoU between public and private media institutions of the two countries
Trade and customs: Exchange of advance information on goods and cooperation in postal services
Prime Minister Modi presented Gifts to Putin
PM Modi presents President Putin with the Shrimad Bhagwat Gita, Kashmiri saffron, a silver tea set, a silver horse, a marble chess set and Assam tea, which represent India’s cultural heritage.
