India and Russia Aim to Boost Bilateral Trade to $100 Billion: Key Outcomes of Putin-Modi Summit

PM Narendra Modi with President Vladimir Putin at a joint press statement

New Delhi:

Russian President Vladimir Putin's official visit to India has significantly strengthened both defense cooperation and trade relations between the two longstanding allies.

Following discussions with Prime Minister Narendra Modi today, Putin revealed their shared ambition to expand annual bilateral trade to $100 billion.

Analysts suggest that while this target is ambitious, it remains achievable. India has already established itself as a significant purchaser of Russian crude oil, despite American concerns.

To achieve this trade goal, both nations will likely develop collaborative strategies focused on boosting Indian exports and addressing any trade imbalances.

One key approach would involve matching India's competitive industries with Russia's import requirements. The strategy centers on identifying sectors where Russia has substantial unfulfilled demand that aligns with India's global export strengths.

Earlier today, Putin expressed gratitude to PM Modi for the warm reception extended to the Russian delegation. He emphasized having developed a "close working and personal contact" with PM Modi, noting that together they "constantly monitor" the progress of Russian-Indian cooperation across all strategic domains.

"Our recent discussions with Indian colleagues, as well as our private conversation with Mr. Modi last night during dinner at his residence—for which I want to express my appreciation again—were highly productive and conducted in a constructive, friendly atmosphere, reflecting the especially privileged partnership between Russia and India," the Russian President stated after the talks with PM Modi at Hyderabad House during the 23rd India-Russia Annual Summit.