Putin, Modi hold talks, announce expansion of Russia-India trade ties

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

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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 in an airport in New 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 finalized an economic cooperation program until 2030, which will help diversify mutual businesses to boost annual trade to $100 billion by 2030. They also emphasized strong energy ties.

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