Prime Minister Narendra Modi on Friday said he was confident that India and Russia would surpass their $100 billion bilateral trade target well before the 2030 deadline, as he urged Russian businesses to scale up investments in India.
Addressing the India–Russia Business Forum alongside Russian President Vladimir Putin, PM Modi highlighted emerging opportunities across logistics and connectivity, marine products, automobiles, pharmaceuticals and textiles.
In his address, President Putin stressed that the early conclusion of a preferential trade agreement between India and the Eurasian Economic Union (EAEU) would help remove barriers and ease the flow of goods, services and capital.
PM Modi said that he and Putin had set the $100 billion trade target last year, adding that rapid progress since then has strengthened his confidence that the goal will be achieved ahead of schedule.
“However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal,” PM Modi said.
He said simplified and predictable mechanisms are being put in place for businesses and that discussions have already begun on a free trade agreement between India and the Eurasian Economic Union.
PM Modi added that whether in business or diplomacy, mutual trust forms the foundation of any partnership.
“The greatest strength of India-Russia relations is this trust. It is this trust that gives direction to our joint efforts and also provides momentum,” the Prime Minister said, adding that this is the launchpad that gives inspiration to take flight towards new dreams and aspirations.
He noted that India is a global leader in affordable, efficient electric vehicles, two-wheelers, and CNG mobility solutions, while Russia is a major producer of advanced materials.
EV manufacturing, automotive components, and shared mobility technologies, the two countries can not only meet their domestic demands but also contribute to the development of the Global South, Modi said.
“Come Make In India, partner with India, and together let’s make for the world,” he said.
The Prime Minister informed the gathering that India is in the process of opening the civil-nuclear sector, which will create new opportunities, saying “this is not an administrative reform, but mindset reform”.
Also, India and Russia can cooperate in the development of vaccines and cancer therapy, he added.
PM Modi also said the two countries can create a ‘Russia-ready’ workforce, and also cooperate in fertiliser, cement, ceramics and electronic sectors.
Putin, who is on a two-day official visit here, said it is important for both regions to reduce barriers to facilitate the movement of goods, services and capital.
“In this regard, a strong impetus, as it seems, could be given by the rapid signing of a preferential trade agreement between India and the Eurasian Economic Union,” he noted.
Putin said the Russian delegation is here not only to discuss energy issues, but also to sign contracts for the supplies of oil and gas.
“What we want is the development of our multi-faceted relations with India in various fields,” he said, adding that Russian firms are ready to increase manifold purchases of goods and services from India.
The Russian President also emphasised that free trade is “unthinkable” without a resilient bilateral settlement and reliable payment and insurance mechanisms.
He said tangible advantages are offered by the use of national currencies in trade.
It is important to ensure uninterrupted financial transactions regardless of external development, he added.
The India-Russia cooperation, he said, should not be limited to trade alone.
“We should move on to enhance our industrial cooperation together…We are ready for broad cooperation within the field of artificial intelligence, where our countries have already advanced a lot,” he said.
Earlier in the day, Putin and Modi held summit-level talks that generated global attention.
With inputs from agencies
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