Putin and Modi agree to boost India-Russia trade to $100 billion by 2030, while India remains cautious on future Russian oil imports.
NEW DELHI: Russian President Vladimir Putin and Indian Prime Minister Narendra Modi have agreed to expand bilateral trade and strengthen defence cooperation.
The leaders committed to growing trade to USD 100 billion by 2030 during Putin’s first state visit to India since Russia’s 2022 invasion of Ukraine.
Putin offered India “uninterrupted fuel supplies” and questioned US pressure on New Delhi to curb purchases of Russian oil.
India responded cautiously, with Foreign Secretary Vikram Misri stating energy companies make decisions based on “evolving market dynamics” and commercial considerations.
Modi described the India-Russia partnership as “a guiding star” that has “always stood the test of time”.
He reiterated India’s support for a peaceful resolution to the war in Ukraine.
A joint statement emphasised that bilateral ties “remain resilient to external pressure”.
The two nations signed agreements covering worker mobility, a joint fertiliser plant in Russia, and cooperation in agriculture, healthcare and shipping.
They also agreed to reshape defence ties to support India’s push for self-reliance through joint research and production.
This includes manufacturing spare parts and components in India for servicing Russian military equipment.
Putin received a ceremonial 21-gun salute at the presidential palace Rashtrapati Bhavan.
In a prior interview, Putin challenged US pressure on India’s energy purchases, asking why India should not have the same privilege as the US to buy Russian nuclear fuel.
India is currently in trade talks with the US to cut punitive tariffs imposed over its Russian oil imports.
Indian state refiners have placed January orders for Russian oil from non-sanctioned suppliers due to widening discounts.