The 2030 economic programme they finalised focuses on making bilateral trade and investment “diversified, balanced, and sustainable”.
India, Russia Seal 5-Year Economic Roadmap; Modi Calls for Peaceful Resolution to Ukraine Conflict
Russian President Vladimir Putin is on his 2-day visit to India. During this visit, India and Russia have committed to a new five-year economic roadmap during the latest summit between Narendra Modi and Vladimir Putin. This plan is focused on deepening and diversifying bilateral cooperation across areas such as trade, energy, industry, and people-to-people links.
Modi described the decades-old India-Russia relationship as a “pole star” in a joint statement after the talks and affirmed that through changing global dynamics, the trust between the two nations remains steadfast. The 2030 economic programme they finalised focuses on making bilateral trade and investment “diversified, balanced, and sustainable”.
Under the new framework, cooperation will be expanded across various sectors, including health, mobility and migration, food safety, shipping, and general people-to-people relationships. On the economic front, Russia has proposed increased market access for Indian goods and has pledged uninterrupted shipments of fuel, including oil, gas and coal, to meet India’s energy needs.
The roadmap includes plans for civil-nuclear cooperation: Russia indicated willingness to assist India in the construction of small modular reactors and floating nuclear power plants. Russia also offered support in other non-energy nuclear applications, such as in medicine and agriculture.
Modi highlighted that energy security and civil-nuclear cooperation are critical pillars of the partnership. He also emphasised cooperation in critical minerals, which are seen as vital for secure and diversified global supply chains, potentially supporting India’s ambitions in clean energy, high-tech manufacturing and emerging industries.
The leaders also addressed global security issues. Modi reiterated on the war in Ukraine that India has consistently advocated a “peaceful and lasting” resolution, welcoming all efforts for ending the conflict. From counter-terrorism to connectivity, they expressed intent to increase cooperation, including facilitating labour mobility and reinforcing bilateral people-to-people links.
Additionally, Modi announced that India is going to introduce a free 30-day e-tourist visa and a 30-day group tourist visa for Russian citizens. This move is expected to facilitate travel and strengthen cultural and people-to-people ties.
The five-year roadmap is a signal of a robust attempt by India and Russia to rejuvenate their long-standing partnership, which is beyond traditional sectors, and a reaffirmation of commitment for trade, energy, nuclear cooperation, mobility and diplomacy – all while navigating sensitive global geopolitics.
Source: The Tribune
