Modi, Putin push Economic Cooperation 2030 plan, closer India-Russia trade ties at BRICS

Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday discussed ways to accelerate the India-Russia Economic Cooperation Programme till 2030 and deepen bilateral trade and investment as the two leaders met in New Delhi ahead of the BRICS Summit.

The talks focused on expanding the economic dimension of the India-Russia Special and Privileged Strategic Partnership, with the two sides seeking to build on the sharp growth in bilateral commerce while making trade more balanced and diversified. India and Russia have set a target of taking bilateral trade beyond $100 billion by 2030, alongside efforts to increase Indian exports to the Russian market.

Economic roadmap in focus

The leaders reviewed progress under the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030, which provides a framework for expanding collaboration across trade, investment, energy, transport, industry, agriculture, technology, healthcare and other sectors.

A key priority is addressing tariff and non-tariff barriers and improving market access for businesses from both countries. India and Russia have also been working towards closer engagement between India and the Eurasian Economic Union, including negotiations on a free trade agreement covering goods.

The two countries are simultaneously seeking to strengthen investment flows and industrial partnerships. New Delhi has been pushing for greater access for Indian pharmaceuticals, agricultural products, engineering goods and other exports to Russia as it attempts to address the imbalance in bilateral commerce.

Connectivity and payments discussed

Improving connectivity remains another major component of the economic partnership. India and Russia have been working on routes including the International North-South Transport Corridor, the Chennai-Vladivostok maritime corridor and the Northern Sea Route to reduce logistics costs and provide businesses with additional trading channels.

The two countries have also been exploring mechanisms to facilitate bilateral settlements using national currencies and strengthen financial connectivity. Such arrangements have assumed greater significance as rapidly expanding trade has created demand for smoother payment and settlement mechanisms.

Energy remains one of the strongest pillars of India-Russia relations. Cooperation extends across crude oil, petroleum products, nuclear energy, coal and other areas, while both sides are looking at possibilities for longer-term arrangements and collaboration in energy infrastructure and technology.

Trade target set at $100 billion

India and Russia had set the $100-billion bilateral trade target for 2030 during Modi’s Moscow visit in 2024. The economic roadmap envisages not merely increasing the overall value of trade but creating a more sustainable relationship by boosting Indian exports and encouraging companies from both countries to invest in each other’s markets.

The programme identifies nine broad areas for cooperation, including industrial production, transport engineering, automobiles, shipbuilding, space, digital technologies, science and research, pharmaceuticals, medical equipment, agriculture and energy.

It also envisages closer cooperation between businesses and the creation of joint ventures and industrial clusters, while encouraging companies to take advantage of investment opportunities in both countries.

Strategic partnership remains resilient

The Modi-Putin meeting came against the backdrop of continuing geopolitical uncertainty and conflicts that have placed additional pressure on global trade and energy markets. Despite these challenges, India and Russia have maintained regular high-level engagement and repeatedly described their partnership as resilient and long-term.

Putin arrived in New Delhi for the BRICS Summit as part of a three-day visit to India. His bilateral engagement with Modi is among the major diplomatic meetings surrounding the summit, with the two sides also expected to maintain coordination across BRICS and other multilateral platforms.

For New Delhi, the next phase of the relationship is increasingly focused on widening economic cooperation beyond traditional areas such as defence and energy. The Economic Cooperation 2030 framework is intended to provide that expansion, with trade diversification, technology partnerships, connectivity and investment expected to play a larger role in India-Russia ties.