PM Modi, Putin discuss $100 billion India-Russia trade target, step up defence and energy ties
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Prime Minister Narendra Modi on Friday held wide-ranging talks with Russian President Vladimir Putin, focusing on enhancing annual bilateral trade to $100 billion by 2030 and ramping up existing cooperation in areas such as defence, energy, critical minerals and fertiliser supplies.
The meeting took place hours after Putin landed in New Delhi on a three-day visit to participate in the high-stakes BRICS summit. Following the talks, the two leaders travelled in the same car inside the Bharat Mandapam complex to reach the venue of a business forum.
Modi, Putin discuss ways to boost trade and address widening deficit
It is understood that during the talks, Putin briefed Modi on the overall situation regarding the Ukraine war and ongoing peace initiatives, while Modi reiterated India's position on resolving the conflict through dialogue and diplomacy.
Modi and Putin previously met last week on the sidelines of the SCO summit in Bishkek, where the prime minister called for an immediate end to the conflict and urged the Russian leader to shift from an "endless war towards the end of war".
The two leaders also deliberated on ongoing cooperation in trade and investment, energy and fertiliser security, among other areas.
Ways to boost trade and investment ties dominated the talks, with the Indian side pitching for greater market access for Indian exporters in Russia to address the ballooning trade deficit in Moscow's favour, it is learnt.
The two sides also deliberated on strategies to reach the ambitious bilateral trade target of $100 billion by 2030. The current annual trade volume stands at around $65 billion.
Defence cooperation, S-400 deliveries and BrahMos upgrades in focus
In addition, the two sides delved into expanding their already strong defence cooperation.
Kremlin spokesperson Dmitry Peskov on Tuesday said both sides are exploring BrahMos missile upgrades, adding that Moscow remains committed to fulfilling its remaining S-400 system deliveries and discussing the proposed supply of Su-57 fighter jets.
The defence discussions come as India and Russia seek to deepen their long-standing military partnership while expanding cooperation into newer areas of defence technology and production.
India, Russia step up energy, critical minerals and industrial cooperation
In the energy sector, the two sides reviewed the overall scenario and agreed to further ramp up cooperation in civil nuclear energy.
Expanding industrial cooperation, collaboration in the rail and tunnelling sectors, developing the steel value chain and broadening access to the Russian market for Indian exporters also figured in the talks, it is learnt.
Increasing the mobility of skilled Indian labourers to Russia and cooperation in critical minerals were also understood to have been discussed.
The Ministry of External Affairs said the discussions covered bilateral ties across political, economic, defence, energy, space and skill-mobility sectors. The two sides also reviewed ways to further strengthen cooperation in areas that can support long-term economic and industrial engagement between India and Russia, including critical minerals and civil nuclear energy.
The MEA further announced that Putin invited Modi to visit Russia for the 24th India-Russia annual summit, and the prime minister accepted the invitation. The proposed summit is expected to provide another opportunity for the two sides to review progress on the bilateral economic and strategic agenda, including trade, defence, energy, space cooperation and greater mobility of skilled Indian workers.