Russian President Vladimir Putin concluded a two-day state visit to New Delhi, during which he and Indian Prime Minister Narendra Modi agreed to significantly expand and diversify trade, defense, and investment ties, even as India navigates geopolitical pressures and U.S. tariff discussions.
Modi and Putin agreed on an economic cooperation program up to 2030 aimed at making trade and investment more "diversified, balanced, and sustainable." Russia is keen to increase imports of Indian goods to reach a trade target of $100 billion by 2030.
Specific deals included setting up a joint venture fertilizer plant in Russia, boosting cooperation in agriculture, healthcare, and shipping, and an agreement to help Indians move to Russia for work.
Putin offered India "uninterrupted fuel supplies," following up on his challenge to U.S. pressure on India regarding Russian oil purchases.
India's Foreign Secretary, Vikram Misri, noted that Indian energy companies base decisions on "evolving market dynamics" and "commercial issues," indicating awareness of sanctions and price pressures. However, Indian state refiners are reportedly placing January orders for Russian oil from non-sanctioned suppliers due to widening discounts.
The countries agreed to reshape their defense ties to align with New Delhi's "self-reliance" push. This includes increased joint research, development, and production of advanced defense platforms in India, particularly for spare parts and components for Russian military equipment.
The leaders emphasized that the decades-old Russia-India relationship is a "guiding star" and "remains resilient to external pressure" amid the "complex, tense, and uncertain geopolitical situation." Modi reiterated India's support for a peaceful resolution to the war in Ukraine.
The visit occurred while New Delhi is concurrently in talks with the U.S. to cut punitive tariffs imposed by President Donald Trump, which followed India’s purchases of Russian oil. Deputy U.S. Trade Representative Rick Switzer is slated to visit India shortly after Putin's trip.
