India-Russia Relations: PM Modi and President Vladimir Putin Discuss Future Economic & Security Cooperation

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Russian President Vladimir Putin, who is on a two-day official visit to India, was invited for summit talks with Prime Minister Narendra Modi at the Rashtrapati Bhavan forecourt in New Delhi on Friday.

During this meeting, PM Modi specifically highlighted India’s time-tested relations with Russia and how their friendship will allow them to tackle various challenges in the future. President Putin, in turn, praised India’s peaceful approach to resolving matters. 

Shared Stance on Global Terrorism

Prime Minister Modi stressed the shared resolve that India and Russia stand "shoulder to shoulder" in the fight against global terrorism during the joint press statement. He particularly pointed to the terror attack in Jammu and Kashmir’s Pahalgam region and the assault on Russia’s Crocus City Hall in 2024. 

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The PM stated that the root cause of these violent incidents in both countries stems from a common source. He mentioned, India holds an unwavering belief that terrorism directly assaults the values of humanity and that both India & Russia maintain close cooperation on counter-terrorism. 

The Prime Minister also added that unified global action against this threat is our greatest strength. This dialogue continues across multiple forums, including the UN, G20, BRICS, and SCO. Both nations are committed to deepening this essential security cooperation.

Economic Cooperation: Roadmap to 2030

India and Russia have agreed on an economic cooperation program until 2030, which aims to significantly expand bilateral trade. The ambitious shared objective is to reach $100 billion in annual trade by 2030. 

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Bilateral trade has already made remarkable strides in recent times. Current trade volumes are nearing $70 billion, but more balanced growth is needed. As a result, India wants to increase its exports to address the current imbalance in trade.

Some of the key sectors in Indian exports that have recently increased include pharmaceuticals, agriculture, and consumer goods. Energy security remains a strong pillar of the partnership. 

Cooperation in civil nuclear energy and critical minerals is also crucial. Russia is also working on new international logistics routes, like the North-South transport corridor. Both nations are moving toward using national currencies for bilateral payment settlements.

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