India-Russia summit: PM Modi & Putin announce five-year economic plan; trade, energy, Make in India ties to grow – top outcomes
India and Russia on Friday firmed up a five-year plan to boost economic and trade ties, even as Washington’s tariffs and sanctions loom, relying on the resilience of the decades-old partnership.Prime Minister Narendra Modi and Russian President Vladimir Putin used the 23rd India-Russia Annual Summit to demonstrate a shared commitment to strengthening bilateral cooperation across trade, energy, health, mobility, and critical sectors.
Five-year Economic Cooperation Programme and trade goals
The leaders finalised the ‘Economic Cooperation Programme’ through 2030, aimed at diversifying, balancing, and sustaining trade and investment between the two nations. PM Modi said India and Russia are also working toward the early conclusion of a free trade agreement (FTA) with the Eurasian Economic Union to further deepen trade engagement. Putin indicated that both sides aim to increase annual bilateral trade to $100 billion, highlighting energy cooperation as a central pillar. The programme also promotes greater use of national currencies, with 96 per cent of transactions already conducted in rupees and rubles, expanding mechanisms for rupee usage in Russian export settlements
Sectoral agreements and strategic cooperation
During the summit, an “impressive package” of intergovernmental and inter-organisational agreements was signed, including cooperation in health, food safety, mobility, energy, and critical minerals. PM Modi highlighted the importance of critical minerals for secure, diversified supply chains supporting clean energy, high-tech manufacturing, and new-age industries. Putin reaffirmed Russia as a reliable supplier of oil, gas, and coal, and expressed readiness to collaborate on India’s largest nuclear power project, small modular reactors, floating nuclear power plants, and non-energy atomic applications in medicine and agriculture.
Make in India and industrial collaboration
Putin confirmed Russia’s support for India’s Make in India initiative, announcing local production of industrial products and joint ventures in manufacturing, machine-building, digital technologies, and other science-intensive sectors.
People-to-people engagement and employment initiatives
PM Modi highlighted plans to train Indian seafarers in polar waters, strengthening Arctic cooperation and creating new employment opportunities for Indian youth. He also noted that the India-Russia Business Forum, scheduled later in the day, would serve as a platform to foster exports, co-production, and innovation between businesses of both countries.The summit showcased a comprehensive roadmap to deepen India-Russia economic and strategic engagement, even as the nations navigate geopolitical pressures and global uncertainties.
