Modi, Putin chart path to $100 bn trade in 5 years

Deals on labour mobility, plan for 2nd Russia-backed N-plant

- ARCHIS MOHAN

Russian President Vladimir Putin wrapped up his 27-hour India visit on Friday after much bonhomie with Prime Minister Narendra Modi through several ceremonies and summit-level talks, as the world watched.

The day after sharing hugs at the Palam airport tarmac, travelling in the same car and dining together at the PM's residence over lengthy conversation, the two leaders discussed business across sectors on day two, that also packed in a high-powered session with industry honchos, a ceremonial dinner at Rashtrapati Bhavan and a visit to Rajghat.

After their summit-level talks, India and Russia unveiled a strategic economic roadmap through 2030 aimed at lifting bilateral trade to $100 billion within five years. Moscow pledged to remove non-tariff barriers and regulatory hurdles to boost Indian exports.

The two sides signed pacts on labour mobility, opening further the door for Russian construction, engineering and IT sectors to hire semi-skilled and skilled Indian workers, along with pacts on fertiliser supply, training Indian seafarers in polar waters and cooperation in shipbuilding. They discussed finalising a second site in India for a Russiabacked nuclear power plant.

Both pushed for early conclusion of the India-Eurasian Economic Union free-trade agreement and a bilateral investment treaty. They also highlighted connectivity projects including the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok link.