Prime Minister Narendra Modi and Russian President Vladimir Putin reviewed bilateral trade and defence cooperation during their meeting on Friday. The Modi Putin meeting focused on expanding economic ties and achieving a $100 billion bilateral trade target by 2030.
Bilateral trade currently stands at around $65 billion. Both sides agreed to work towards increasing trade while strengthening the broader India-Russia strategic partnership.
Putin also invited Modi to attend the India-Russia annual summit. The meeting could take place towards the end of 2026.
Modi Putin Meeting Focuses on Trade and Economic Cooperation
The two leaders discussed ways to expand economic engagement between India and Russia. Their discussions covered implementation of the “Programme for Economic Cooperation 2030” and cooperation across infrastructure, energy, technology, defence and culture.
The meeting lasted around 45 minutes. Following the talks, Modi and Putin travelled together to the BRICS Business Forum at the Bharat Mandapam complex.
The meeting was their second interaction in two weeks. They had previously met on August 31 on the sidelines of the Shanghai Cooperation Organisation in Bishkek, Kyrgyzstan.
$100 Billion India-Russia Trade Target by 2030
India and Russia are looking to expand bilateral trade from the current level of around $65 billion to $100 billion by 2030.
India has also raised concerns over the growing trade imbalance. New Delhi has sought greater market access for Indian products in Russia.
Moscow has indicated that it would support efforts to facilitate Indian exports by reducing trade barriers.
The two countries are also working to expand industrial cooperation. Areas under discussion include railways, tunnelling, the steel value chain and wider market access for Indian exporters.
Defence Cooperation Remains a Key Priority
The Modi Putin discussions also covered bilateral defence cooperation.
According to recent statements from the Kremlin, Russia is exploring possible upgrades to BrahMos missiles. Moscow has also reiterated its commitment to completing pending S-400 system deliveries.
The two sides are also discussing the proposed supply of Su-57 fighter aircraft.
Defence remains an important component of the India-Russia strategic partnership. Both countries continue to explore opportunities for deeper cooperation in the sector.
India Raises Energy, Maritime and Ukraine Concerns
India and Russia also reviewed cooperation in energy, space, skill mobility and people-to-people ties.
India has increased imports of Russian energy and fertilisers in recent months. The increase followed the outbreak of the West Asia conflict.
Modi also raised concerns over the safety of Indian seafarers in the Black Sea. He reiterated India’s readiness to support initiatives aimed at ending the Ukraine conflict.
During their earlier meeting in Bishkek, Modi had urged Putin to move from an “endless war towards the end of war”.
Innoprom India Supports Bilateral Industrial Ties
Modi and Putin also visited the International Industrial Exhibition “Innoprom India”, being held from September 9 to 11. The exhibition is being held in India for the first time.
The leaders highlighted the importance of the event in expanding trade and industrial cooperation between the two countries.
Industrial cooperation, rail and tunnelling projects, steel value-chain development and market access for Indian exporters were among the issues discussed.
India-EAEU Trade Deal Talks Continue
India and Russia are also seeking progress on a proposed trade agreement between India and the Eurasian Economic Union (EAEU).
A meeting on the proposed trade deal was held on the sidelines of Innoprom India on Thursday.
The latest Modi Putin meeting reinforces the focus on expanding trade, defence, energy and industrial cooperation between India and Russia as both countries work towards stronger economic ties by 2030.
Source: Business Standard
