India–Russia trade surges 80% to $64 billion; Modi and Putin push deeper economic, energy and connectivity partnership

India and Russia on Friday signalled a decisive upgrade in their economic partnership, amid surging bilateral trade, expanding investment opportunities and a shared commitment to building new connectivity corridors. At the India–Russia Business Forum, Prime Minister Narendra Modi and President Vladimir Putin concluded summit talks that finalised the Vision 2030 economic roadmap, covering trade, energy security, nuclear cooperation, mobility and critical infrastructure.

Bilateral trade between the two countries has jumped 80% in three years, touching $64 billion last year. Both leaders said the next milestone — $100 billion — would be achieved well before 2030.

Modi told business leaders that India’s economic momentum made this entirely feasible. “We need not wait until 2030 to achieve our economic goals; it looks possible sooner,” he said, noting that simplified, predictable mechanisms were being designed to facilitate cross-border commerce.

Putin, leading a high-powered Russian delegation, said the team’s mandate was clear: “to expand multifaceted relations with India beyond energy and contracts.” India, he added, offered vast and growing opportunities that remain underutilised and the forum had been convened precisely to unlock that potential. Russia and India, he said, had long been “steady trade partners with rising volumes”, and the scope for further growth between two large consumer markets remained significant.

At the strategic level, Modi and Putin reaffirmed that mutual trust continues to define the partnership. “Whether in business or diplomacy, the foundation of any partnership is trust,” Modi said. “This trust is the core strength of India–Russia relations, driving progress and cooperation.” Putin echoed that sentiment, praising India’s independent and sovereign policy approach and its strong economic performance.

The two leaders confirmed that negotiations had begun on a Free Trade Agreement between India and the Eurasian Economic Union, aimed at lowering tariffs and boosting market access.

Moscow also signalled readiness to increase purchases of a wider range of Indian goods and services. Both sides agreed to accelerate work on key connectivity corridors — including the International North–South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai–Vladivostok maritime link — which are expected to reduce logistics costs and diversify supply chains.

Putin reiterated Russia’s commitment to ensuring India’s energy security. He described Russia as a “reliable supplier of oil, gas and coal,” and noted that cooperation could deepen further in civil nuclear energy through small modular reactors, floating nuclear plants and non-energy applications in medicine and agriculture.

For India, Modi said the partnership in critical minerals, clean energy technologies, shipbuilding and new-age manufacturing would underpin the next decade of industrial growth. He highlighted complementarities in the electric mobility ecosystem, stating that India’s strength in affordable EVs and Russia’s expertise in advanced materials created opportunities far beyond domestic markets, particularly for the Global South.