Economic Boost: India and Russia Aim for $100 Billion Trade by 2030 After PM Modi’s Visit


Moscow: Indian Prime Minister Narendra Modi’s visit to Russia from July 8 to July 9 was marked by a grand reception from Russian President Vladimir Putin and the conferral of Russia’s highest honor on PM Modi. This visit, filled with significant discussions and strategic agreements, aims to deepen the partnership between the two nations, raising questions about its impact on bilateral relations.

Key Highlights of the Visit

During his visit, PM Modi addressed several critical issues, with the foremost being the release of Indians forcibly recruited into the Russian army. This humanitarian concern was a priority, showcasing India’s commitment to protecting its citizens abroad.

Ambitious Trade Goals

India and Russia set an ambitious target to boost bilateral trade to over $100 billion by 2023, focusing on economic cooperation as a central theme. Foreign Secretary Vinay Mohan Kwatra highlighted that energy and fertilizer supplies were key topics in the discussions between PM Modi and President Putin.

Strengthening the Special Partnership

In a public statement, PM Modi emphasized the significance of the Indo-Russian partnership, describing it as a special and privileged relationship. He praised President Putin’s leadership, under which the ties between the two countries have flourished over the past 25 years, continually reaching new heights.

Strategic Agreements Signed

During PM Modi’s visit, several agreements were inked, laying the groundwork for extensive economic cooperation. The key areas of focus include:

  • Elimination of Non-Tariff Trade Barriers: Both nations aspire to remove obstacles hindering bilateral trade.
  • Dialogue on Trade Liberalization: Discussions about establishing an EAEU-India free trade zone are ongoing.
  • Balanced Trade Supply: Enhancing the supply of goods from India to ensure balanced trade relations.
  • $100 Billion Trade Target by 2030: A mutually agreed goal to achieve a trade volume of over $100 billion.
  • Revival of Investment Activities: Boosting investment activities to foster economic cooperation until 2030.

A Promising Future

The agreements and discussions during PM Modi’s visit reflect a strong commitment to nurturing the India-Russia relationship. As both nations strive for economic growth and strategic alignment, this visit marks a significant milestone in their bilateral journey, promising a future of robust cooperation and mutual prosperity.