India, Russia Agree On 2030 Economic Plan To Boost Trade After PM Modi, Putin Hold Meet

Prime Minister Narendra Modi on Friday announced that India and Russia have agreed on a 2030 Economic Cooperation Programme aimed at diversifying bilateral trade and investment after his talks with President Vladimir Putin in New Delhi on Friday. Modi said the roadmap will accelerate growth across priority sectors and deepen long-term economic engagement between the two countries.

PM Modi said India will actively participate in the India–Russia Business Forum, which he described as a platform that will strengthen co-production and co-innovation initiatives between Indian and Russian industries. The two leaders also discussed the early finalisation of a Free Trade Agreement (FTA) to further ease market access and boost economic flows.

#WATCH |

Delhi | Following the 23rd India-Russia annual summit, PM Modi says, “Over the past 8 decades, the world has witnessed numerous ups and downs. Humanity has had to pass through many challenges and crises. And amidst all this, the India-Russia friendship has remained… pic.twitter.com/k7o67jhA8i

— ANI (@ANI) December 5, 2025

The Prime Minister said both sides are taking forward efforts on joint urea production, as well as connectivity corridors such as the International North-South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai–Vladivostok maritime link, all of which he said will play a key role in reshaping supply chains.

Modi added that shipbuilding will be a priority area under the partnership, as it directly contributes to Make in India and will help create jobs and new skills domestically. He also noted that cooperation in civil nuclear energy, already spanning more than a decade, will continue, along with collaboration in critical minerals and resilient supply chains.

Highlighting the longstanding cultural warmth between the two nations, Modi said, “We have love and respect for each other.” He also announced that India has opened two new consulates in Russia, a move aimed at improving connectivity, mobility, and services for Indian citizens and businesses.

Responding to PM Modi’s statement, Russian President Vladimir Putin highlighted the economic and energy dimensions of the partnership, noting that Russian rubles are being used for several large joint projects, strengthening financial cooperation between the two nations.

#WATCH | Delhi | Russian President Vladimir Putin says, “We are ready to continue uninterrupted shipments of fuel for the growing Indian economy…”

(Video source: DD) pic.twitter.com/D77wUA76Fa

— ANI (@ANI) December 5, 2025

He emphasised Russia’s role as a reliable supplier of gas, oil and coal, adding, “We are ready to continue shipment.”

Putin also pointed to ongoing collaboration in nuclear energy, saying Russia and India are already working together on the flagship Kudankulam project, which he said will help Indian consumers access “cheap and clean energy.”