Putin highlights India’s economic success, aims for $100 billion trade by 2030
Putin further praised India’s economic trajectory, particularly under the leadership of Prime Minister Narendra Modi. He commended India for its independent and sovereign economic policies, which have driven substantial growth.
- Dec 5, 2025,
- Updated Dec 5, 2025 10:06 PM IST
In his recent address at the India-Russia Business Forum, Russian President Vladimir Putin emphasised the growing significance of Russia's multifaceted economic relationship with India, underscoring their long-standing trade partnership and shared ambitions for the future.
Putin clarified that the Russian delegation’s participation in the forum was not solely focused on energy discussions or securing oil and gas contracts. Rather, he highlighted the desire for deeper cooperation across various sectors, particularly those that would leverage India’s rapidly growing economy. He stressed that Russia is keen to familiarize its economic operators with India’s vast opportunities, creating a mutually beneficial environment for both nations.
The figures speak for themselves: Over the past three years, trade volumes between the two countries have surged by an impressive 80%, with the total trade reaching a record $64 billion last year. Both countries boast large consumer markets and significant economic, technological, and resource potential, which, according to Putin, provides a solid foundation for expanding bilateral relations.
Putin further praised India’s economic trajectory, particularly under the leadership of Prime Minister Narendra Modi. He commended India for its independent and sovereign economic policies, which have driven substantial growth. Notably, India’s GDP has nearly doubled over the last decade, with its purchasing power growing by 2.5 times. The country has also emerged as a global leader in industries such as information technology, pharmaceuticals, and light manufacturing.
In response to India’s success, Russia has been studying the Indian model with interest, particularly in areas of import substitution and the localization of high-value products. These strategies are being integrated into Russia's national programs.
Looking ahead, Putin reaffirmed his commitment to the ambitious target set by both leaders to increase bilateral trade to $100 billion by 2030. The Russian business community is already positioning itself to significantly increase purchases from India, spanning a wide array of goods and services. Putin also expressed support for projects that would enhance Indian exports to Russia, aligning with India’s newly adopted export support program under Prime Minister Modi.
The Russian President also pointed to the practical benefits of using national currencies in bilateral trade, which ensures seamless financial transactions despite external geopolitical pressures. Furthermore, Putin emphasised the importance of infrastructure, particularly in the modernization of the Northern Sea Route, which will facilitate greater trade connectivity between Russia, India, and global markets. The development of the South-North transport corridor connecting Russia, Belarus, and the Indian Ocean is also progressing, aiming to streamline the movement of goods and bolster economic cooperation.
Putin concluded by assuring the business community that Russia’s ministries and authorities would continue to support initiatives aimed at expanding economic exchanges between the two nations, creating a bright future for their evolving partnership.
In his recent address at the India-Russia Business Forum, Russian President Vladimir Putin emphasised the growing significance of Russia's multifaceted economic relationship with India, underscoring their long-standing trade partnership and shared ambitions for the future.
Putin clarified that the Russian delegation’s participation in the forum was not solely focused on energy discussions or securing oil and gas contracts. Rather, he highlighted the desire for deeper cooperation across various sectors, particularly those that would leverage India’s rapidly growing economy. He stressed that Russia is keen to familiarize its economic operators with India’s vast opportunities, creating a mutually beneficial environment for both nations.
The figures speak for themselves: Over the past three years, trade volumes between the two countries have surged by an impressive 80%, with the total trade reaching a record $64 billion last year. Both countries boast large consumer markets and significant economic, technological, and resource potential, which, according to Putin, provides a solid foundation for expanding bilateral relations.
Putin further praised India’s economic trajectory, particularly under the leadership of Prime Minister Narendra Modi. He commended India for its independent and sovereign economic policies, which have driven substantial growth. Notably, India’s GDP has nearly doubled over the last decade, with its purchasing power growing by 2.5 times. The country has also emerged as a global leader in industries such as information technology, pharmaceuticals, and light manufacturing.
In response to India’s success, Russia has been studying the Indian model with interest, particularly in areas of import substitution and the localization of high-value products. These strategies are being integrated into Russia's national programs.
Looking ahead, Putin reaffirmed his commitment to the ambitious target set by both leaders to increase bilateral trade to $100 billion by 2030. The Russian business community is already positioning itself to significantly increase purchases from India, spanning a wide array of goods and services. Putin also expressed support for projects that would enhance Indian exports to Russia, aligning with India’s newly adopted export support program under Prime Minister Modi.
The Russian President also pointed to the practical benefits of using national currencies in bilateral trade, which ensures seamless financial transactions despite external geopolitical pressures. Furthermore, Putin emphasised the importance of infrastructure, particularly in the modernization of the Northern Sea Route, which will facilitate greater trade connectivity between Russia, India, and global markets. The development of the South-North transport corridor connecting Russia, Belarus, and the Indian Ocean is also progressing, aiming to streamline the movement of goods and bolster economic cooperation.
Putin concluded by assuring the business community that Russia’s ministries and authorities would continue to support initiatives aimed at expanding economic exchanges between the two nations, creating a bright future for their evolving partnership.