Putin, Modi set 2030 trade plan amid U.S. pressure
Despite U.S. pressure, Presidents Vladimir Putin and Prime Minister Narendra Modi unveiled an expanded Russia‑India trade plan through 2030 after bilateral trade reached $68.7 billion in India’s last fiscal year, with India seeking to narrow a large deficit by boosting exports. They announced measures including free electronic visas for Russian tourists and group travel, deeper military‑technical and energy ties, continued civil‑nuclear and clean‑energy cooperation, collaboration on shipbuilding, fertilizers and labor mobility, and joint work toward an India–Eurasian Economic Union free‑trade agreement to lift trade.
📌 Key Facts
- India will begin issuing free electronic visas for Russian tourists and for group travel.
- Bilateral trade between India and Russia totaled $68.7 billion in India’s last fiscal year ended March; India is seeking to narrow a large trade deficit by boosting exports.
- Putin emphasized a “very trusting” military-technical relationship with India and reiterated Russia’s role as a reliable energy supplier.
- Modi highlighted continued civil nuclear cooperation and expanded collaboration in clean energy, shipbuilding, fertilizers, and labor mobility.
- Both leaders said they are working toward a free-trade agreement between India and the Eurasian Economic Union; Putin said FTA talks could help lift trade.
📊 Relevant Data
Russia earned approximately $53 billion from fossil fuel exports to India in 2024.
Guns and Oil: Continuity and Change in Russia-India Relations — CSIS
Between 2020 and 2024, Russia accounted for 36% of India's arms imports.
India saved between $10.5 billion and $13 billion in 2023 and 2024 by importing discounted Russian crude oil.
Guns and Oil: Continuity and Change in Russia-India Relations — CSIS
📰 Sources (2)
- India will begin issuing free electronic visas for Russian tourists and group travel.
- Bilateral trade totaled $68.7 billion in India’s last fiscal year ended March, with India seeking to narrow a large deficit by boosting exports.
- Putin emphasized a “very trusting” military-technical relationship and reiterated Russia’s role as a reliable energy supplier to India.
- Modi highlighted continued civil nuclear cooperation and collaboration in clean energy, shipbuilding, fertilizers, and labor mobility.
- Both leaders said they are working toward an India–Eurasian Economic Union free-trade agreement; Putin said the FTA talks could help lift trade.