Putin and Modi seal plans for Russia-India trade boost: state visit recap
The two leaders have signed a series of pacts with the aim of increasing bilateral trade to $100 billion by 2030
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi attend a plenary session of the India-Russia Trade Forum in New Delhi, India. © Sputnik / Grigory Sysoev
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi have laid the groundwork for boosting the economic partnership between the traditional allies, with the countries signing a series of pacts to raise bilateral trade to $100 billion by 2030.
After summit-level talks on Friday, Russia and India signed a dozen memoranda spanning infrastructure, energy, pharma and media sectors.
“Under Prime Minister Modi’s leadership, India is pursuing an independent sovereign policy and it attains great results in the economy,” Putin said, adding that Russia is seeking “multifaceted relations” with India in various sectors.
“It is a matter of happiness that my acquaintance with you is more than 25 years old,” Modi told Putin.
The Indian leader added that the biggest strength between the two countries “is mutual trust.”
“It gives us wings to accomplish what we wish,” he said.
Modi also said he was confident that the countries could meet their $100 billion trade target before 2030.
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Russia pledged to ensure uninterrupted energy supplies to India.
Moscow will tap into New Delhi’s expertise by establishing a major pharmaceutical plant in Russia’s Kaluga Region in collaboration with India, Putin announced. The facility will produce high-quality anti-cancer drugs.
India is known as the pharmacy of the world. The South Asian nation makes 60% of the world’s vaccines, supplies over 20% of global generic medicines, and accounts for 60% of Africa’s generics.
In New Delhi, Putin officially launched the RT India news channel, which he said will give “millions of Indian citizens the opportunity to know more about the reality of Russia.”
The strength of personal relations between the two leaders has been evident throughout the two-day visit, starting with Modi’s remarkable welcome for Putin on the red carpet on Thursday and their brief drive in a Toyota SUV.