Russian President Vladimir Putin and Indian Prime Minister Narendra Modi agreed on Friday to expand and diversify trade beyond oil and defence despite Western pressure on New Delhi to scale back its decades-old close ties with Moscow.
India, the world’s top buyer of Russian arms and seaborne oil, has rolled out the red carpet for Putin during his two-day state visit, his first to New Delhi since Russia’s invasion of Ukraine in 2022.
The trip coincides with New Delhi’s talks with the U.S. on a trade deal to cut punitive tariffs imposed by President Donald Trump on its goods over India’s purchases of Russian oil.
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Russia has said it wants to import more Indian goods in an effort to grow trade to $100 billion by 2030. It has so far been skewed in Moscow’s favour due to New Delhi’s energy imports.
Describing India’s enduring partnership with Russia as “a guiding star”, Modi said: “Based on mutual respect and deep trust, these relations have always stood the test of time.”
“…we have agreed on an economic cooperation programme for the period up to 2030. This will make our trade and investment more diversified, balanced, and sustainable,” he said.
Modi, who warmly embraced Putin on the airport tarmac when he arrived on Thursday, also reiterated India’s support for a peaceful resolution to the war in Ukraine.
Putin said Russia would continue to ensure uninterrupted fuel supply to India, signalling a defiant stance in the face of U.S. sanctions, and also flagged a project underway to build India’s largest nuclear power plant at Kudankulam.
A joint statement issued following the summit said: “The leaders emphasized that in the current complex, tense, and uncertain geopolitical situation, Russian-Indian ties remain resilient to external pressure.”
Reuters/Wumi