India-Russia bilateral trade could hit $100 billion before 2030: PM Modi

PM Narendra Modi said India and Russia could meet the $100 billion trade target well before 2030, citing trust and scope for cooperation in EVs, healthcare and auto components

PM Narendra Modi on Friday said India and Russia can achieve their $100 billion bilateral trade target well before 2030, as both countries have “tremendous potential” to expand bilateral trade.

 

PM Modi noted that he and Russian President Vladimir Putin had agreed last year to aim for $100 billion in bilateral trade by 2030.

 

“However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal,” he said while addressing the India-Russia Business Forum in New Delhi.

 

He added that the greatest strength of India–Russia relations is “trust”, and noted that discussions have also already begun on a free trade agreement between India and the Eurasian Economic Union.

 

“The greatest strength of India-Russia relations is this trust. It is this trust that gives direction to our joint efforts and also provides momentum,” he added. 

Which sectors did PM Modi flag for deeper India-Russia economic cooperation?

PM Modi further highlighted areas for expanded economic cooperation, including joint ventures in electric vehicle manufacturing, collaboration in vaccine development, cancer therapy, and automotive components. He added that these partnerships can not only meet their domestic demands but also contribute to the development of the Global South.

 

What did Vladimir Putin say about narrowing the India-Russia trade gap?

Adding to it, Putin said Russia is for strengthening its multifaceted relations with India in various fields, and Russian companies are also ready to increase purchases of a wide range of goods and services from India, to narrow the trade gap between the two nations.