Putin’s New Delhi Visit: Strikes Deals with Modi to Gear up Trade Till 2030

Russian President Vladimir Putin, in New Delhi for the 23rd India–Russia Summit, unveiled an Economic Cooperation Programme with Prime Minister Narendra Modi on Friday, setting targets to expand bilateral trade and investment through 2030. The announcement underscores a deepening strategic partnership between Moscow and New Delhi amid shifting geopolitical conditions. Modi also announced plans to open new Indian consulates in Russia, signaling strengthened government-to-government engagement.

“Over the past eight decades, the world has witnessed numerous ups and downs. Amidst all this, the India–Russia friendship has remained steadfast like a pole star,” Modi said. He added that the new programme is designed to diversify and balance bilateral trade to ensure long-term sustainability. Modi also expressed optimism ahead of the India–Russia Business Forum, noting that both sides are working toward an early conclusion of a Free Trade Agreement with the Eurasian Economic Union.

Other Key Developments

The meeting resulted in multiple agreements across strategic sectors. Putin reaffirmed Russia’s commitment to ensuring uninterrupted energy supplies to India. Indian companies signed a deal with Russia’s URALCHEM to establish a urea manufacturing plant in Russia.

Agreements were also signed between the Food Safety and Standards Authority of India (FSSAI) and Russia’s consumer safety agency, as well as Memorandums of Understanding to enhance cooperation in medical sciences and healthcare. Putin said both nations are working to build new international logistics routes and reiterated efforts to raise annual bilateral trade to $100 billion, including moves to settle transactions in national currencies — a signal of reduced reliance on the US dollar.

On the Russia–Ukraine War

Discussing the conflict between Moscow and Kyiv, Modi restated India’s position as being “not neutral, but on the side of peace,” while Putin said Russia is working toward a “peaceful resolution to the conflict.”