Prime Minister Narendra Modi and Russian President Vladimir Putin addressed the India-Russia Business Forum in New Delhi on Friday, hours after formal talks in Hyderabad. Putin is on a two-day visit to India – his first in four years – during which the two sides sought to deepen cooperation in trade, technology, connectivity, defense and emerging sectors.
Speaking at the Business Forum, Prime Minister Modi said India and Russia were entering a new era of innovation, co-production and co-creation, highlighting opportunities in sectors ranging from electric mobility and pharmaceuticals to textiles and space. He said discussions on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union have been initiated, which he termed as a significant step to enhance bilateral economic engagement.
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PM Modi said that India and Russia can achieve a bilateral trade target of $100 billion before 2030. Modi also said that India and Russia can work together to develop a vaccine and cure for cancer.
President Putin is on a two-day visit to India, the first in four years. This is Putin’s first visit to India since the war in Ukraine began in February 2022. Putin last visited in December 2021 annual summit.
“India Becomes World’s Skilled Capital”
Prime Minister Modi said India’s young workforce could play a transformative role in Russia’s demographic and economic priorities.
“India is becoming the world’s skilled capital. Our young talent has the potential to meet global demands,” he said. Training Indian workers in the Russian language and relevant soft skills, he added, could help create a “Russia-ready workforce” to support industries in both countries.
Prime Minister Modi announced that India and Russia have taken “important decisions” on tourist visas to facilitate travel for citizens of both countries. “This will boost tourism, create new business opportunities and open up new employment opportunities,” he said.
Modi urged Russian businesses to expand their presence in India. “Come, Make in India, partner with India, and together, let’s make for the world,” he said.
EVs, pharmaceuticals, textiles are among the key areas of cooperation
PM Modi highlighted the scope for collaboration in electric vehicle manufacturing, where India is rapidly growing its presence in affordable and efficient EVs, two-wheelers and CNG mobility solutions. Russia, he noted, is a major producer of advanced materials — an advantage that could support a common electric car ecosystem.
The Prime Minister also highlighted the opportunities in healthcare and biotechnology:
“India supplies high quality medicines at affordable prices all over the world. We are called the pharmacy of the world,” he said. Working together on vaccines, cancer therapies, radiopharmaceuticals and API supply chains could strengthen healthcare security for both countries.
On textiles, PM Modi highlighted Russia’s strong position in polymers and synthetic raw materials, as well as India’s global presence in design, handicrafts and carpets. “Together we can build a resilient textile value chain,” he said.
New opportunities in defense, space and the civil-nuclear sector
Modi said opening up the defense and space sectors to private players has created a new ecosystem of innovation and investment. “We will now open the door to new possibilities in the civil-nuclear sector as well,” he said, calling this a “mindset reform” aimed at building a developed India.
He reiterated the two leaders’ focus on connectivity projects, including the International North-South Transport Corridor (INSTC), the Northern Sea Route and the Chennai-Vladivostok corridor. According to him, these routes would reduce transportation time, reduce logistics costs and open new markets. Modi suggested using digital technology to link customs and regulatory systems through virtual trade corridors, making the movement of cargo smoother.
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Modi and Putin have set a goal of crossing $100 billion in bilateral trade by 2030, but the Indian leader said both sides are confident of reaching the milestone sooner. “Tariff and non-tariff barriers are coming down,” he said, adding that the pace of India’s reforms — from GST to deregulation — is driving rapid economic growth.
Putin: Trade increased by 80% in three years, Russia is ready for a deeper partnership
Addressing the gathering, President Vladimir Putin said Russia was committed to deepening its multilateral economic ties with India and adopted a new document to guide future economic cooperation.
“Russian businesses are ready to increase purchases from India in a wide range of goods and services,” he said. “Russia will support all such initiatives.”
The Russian leader noted that bilateral trade has grown significantly. “In the last three years, we have seen a record increase of up to 80%. Last year, the trade volume reached 64 billion dollars,” he said, calling India a long-term and reliable partner.
Putin said Russia sees “enormous opportunities” to expand trade and investment with India, given the size of both consumer markets.
Putin also said that Russia is interested in participating in the Global AI Summit to be held in India in February 2026.
The Russian president praised India’s leadership and economic policies under Modi. “Under the leadership of His Excellency Modi, India is conducting an absolutely independent and sovereign policy while achieving very good results in the economic field,” he said.
“The basis is mutual trust”
Prime Minister Modi concluded his remarks by emphasizing the strength of the relationship:
Mutual trust is the foundation of every partnership. This trust is the greatest strength of Indo-Russian relations.
“Be it trade or diplomacy, the basis of any partnership is mutual trust. This trust is the greatest strength of India-Russia relations. It gives direction and impetus to our joint efforts.”
