India and Russia agree to boost trade to US$100 billion by 2030

India’s Modi greeted Putin with a bear hug before announcing free electronic visas for Russian tourists

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Russian President Vladimir Putin (left) and Indian Prime Minister Narendra Modi embrace at the Palam Air Base in New Delhi on Thursday. Photo: Sputnik/Kremlin/AP

Published: 1:15pm, 6 Dec 2025

Russian President Vladimir Putin held talks with Indian Prime Minister Narendra Modi on Friday at an annual summit and agreed to diversify mutual economic ties, as the United States presses India to revise its decades-old partnership with Russia.

The 23rd Russia-India Summit comes at a pivotal moment as the US pushes for a Ukraine peace deal while seeking global cooperation. It will test New Delhi’s efforts to balance relations with Moscow and Washington as the nearly four-year war in Ukraine grinds on.

Putin was received by Modi at an airport in Delhi on Thursday. The Indian leader gave Putin a bear hug and a tight handshake with the gusto of an old friend.

After the talks, Putin and Modi announced that India and Russia have finalised an economic cooperation programme until 2030, which will help diversify mutual businesses to boost annual trade to US$100 billion by 2030. They also emphasised strong energy ties.

Russia is a reliable supplier of energy resources and everything necessary for the development of India’s energy sector

Russian President Vladimir Putin

Bilateral trade between the two countries stood at US$68.7 billion in the last financial year ended March. The trade is heavily skewed in favour of Russia with deep deficits for India, which it is looking to bridge by pushing exports.

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