Modi, Putin outline roadmap for trade, tech and connectivity push

PR IME Minister Narendra Modi and Russian President Vladimir Putin addressed the India–Russia Business Forum in New Delhi on Friday, hours after holding formal talks at Hyderabad House. 

Putin is on a two-day visit to India — his first in four years— during which both sides sought to deepen cooperation across trade, technology, connectivity, defence, and emerging sectors.

Speaking at the Business Forum, PM Modi said India and Russia were entering a new era of innovation, co-production and co-creation, and highlighted opportunities in sectors ranging from electric mobility and pharmaceuticals to textiles and space. He said discussions had begun on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union, describing it as a major step toward enhancing bilateral economic engagement.

PM Modi said India and Russia can achieve a $100 billion bilateral trade target ahead of 2030. Modi also said that India and Russia can collaborate on developing a vaccine and cancer therapies.

President Putin is on a two-day visit to India, his first in four years. This is Putin’s first visit to India since the war in Ukraine began in February 2022. Putin last visited in December 2021 for the annual summit.
‘India is emerging as the world’s skilled capital’

PM Modi said India’s young workforce could play a transformative role in Russia’s demographic and economic priorities.

“India is emerging as the world’s skilled capital. Our young talent has the potential to meet global requirements,” he said. Training Indian workers in the Russian language and relevant soft skills, he added, could help create a “Russia-ready workforce” to support industries in both countries.

PM Modi announced that India and Russia had taken “important decisions” on tourist visas to ease travel for citizens of both nations. “This will boost tourism, create new business opportunities and open up new employment avenues,” he said.

Modi invited Russian businesses to expand their presence in India. “Come, Make in India, partner with India, and together, let us make for the world,” he said.

EVs, pharma, textiles among key areas of cooperation

PM Modi emphasised the scope for collaboration in electric-vehicle manufacturing, where India is rapidly growing its presence in affordable and efficient EVs, two-wheelers and CNG mobility solutions. Russia, he noted, is a major producer of advanced materials—an advantage that could support a joint EV ecosystem.

The Prime Minister also highlighted opportunities in health and biotechnology:

“India supplies high-quality medicines at affordable prices across the world. We are called the Pharmacy of the World,” he said. Joint work on vaccines, cancer therapies, radiopharmaceuticals, and API supply chains could strengthen healthcare security for both nations.

In textiles, PM Modi highlighted Russia’s strong position in polymers and synthetic raw materials, as well as India’s global presence in design, handicrafts, and carpets. “Together, we can build a resilient textile value chain,” he said.

New possibilities in defence, space and civil-nuclear sectors

Modi said that opening up the defence and space sectors to private players had created a new ecosystem of innovation and investment. “Now we are going to open the door to new possibilities in the civil-nuclear sector as well,” he said, calling this “mindset reform” aimed at building a developed India.

He reiterated the two leaders’ focus on connectivity projects, including the International North–South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai–Vladivostok Corridor. These routes, he said, would reduce transit times, cut logistics costs and open new markets. Modi proposed using digital technologies to link customs and regulatory systems through virtual trade corridors, making cargo movement more seamless.

Modi and Putin have set a goal of crossing $100 billion in bilateral trade by 2030, but the Indian leader said both sides were confident of reaching the milestone earlier. “Tariff and non-tariff barriers are being reduced,” he said, adding that India’s pace of reforms—from GST to compliance reduction—was driving rapid economic growth.

Putin: Trade up 80% in three years, Russia ready for deeper partnership

President Vladimir Putin, addressing the gathering, stated that Russia was committed to deepening its multifaceted economic ties with India and had adopted a new document to guide future economic cooperation.

“Russian businesses are ready to increase purchases from India across a wide range of goods and services,” he said. “Russia will support all such initiatives.”

The Russian leader noted that bilateral trade had risen significantly. “Over the past three years, we saw a record increase of up to 80%. Last year, trade volume reached $64 billion,” he said, calling India a long-time and reliable partner.

Putin said Russia saw ‘vast opportunities’ for expanding trade and investment with India, given the size of both consumer markets.

Putin also stated that Russia is interested in participating in the Global AI Summit, scheduled to take place in India in February 2026.

The Russian President praised India’s leadership and economic policies under Modi. “Under the leadership of His Excellency Modi, India is conducting an absolutely independent and sovereign policy while achieving very good results in the economic field,” he said.

‘Mutual trust is the foundation’

PM Modi closed his remarks by emphasising the strength of the relationship:
Mutual trust is the foundation of any partnership. This trust is the greatest strength of India–Russia relations.

“Be it business or diplomacy, the foundation of any partnership is mutual trust. This trust is the greatest strength of India–Russia relations. It gives direction and momentum to our joint efforts.”