New Delhi, Dec 5 (UNI) Prime Minister Narendra Modi Friday underscored the enduring strength of the India-Russia bilateral relationship, calling the friendship between the two nations a "Dhruv Tara” (Pole Star) amid global turbulence. He highlighted shared strength in defence, energy and trade, alongside initiatives in shipbuilding, critical minerals and Make in India, even as global turbulence continues.
The high-profile India-Russia Business Forum, held on the sidelines of the 23rd India-Russia Annual Summit with Russian President Vladimir Putin, focused on translating the strategic partnership into concrete economic outcomes, with a shared goal of reaching USD100 billion in bilateral trade by 2030.
The event followed the formal bilateral talks between PM Modi and President Putin at Hyderabad House, where they signed a crucial Economic Cooperation Agreement until 2030 and a Vision 2030 document. The current bilateral trade stands at a record high of USD68.7 billion in the fiscal year 2024-25.
The Prime Minister emphasized that mutual confidence is the cornerstone of the alliance, which dates back decades.
"The world has witnessed many ups and downs in the last eight decades, but the friendship between India and Russia has remained steadfast like a pole star," PM Modi stated addressing the forum. He added, "Mutual trust is the greatest strength of India-Russia relations."
The Forum was tasked with identifying new areas of growth beyond the traditional defence and energy sectors. PM Modi expressed confidence that the platform would open up new avenues for trade, investment, and joint ventures.
"To increase economic cooperation between India and Russia is our priority, and for this, we have agreed on an economic cooperation program till 2030," the Prime Minister affirmed. He also noted that India and Russia are taking steps toward a Free Trade Agreement (FTA) with the Eurasian Economic Union.
Key sectors highlighted for enhanced cooperation include:
Pharmaceuticals & Healthcare: Expanding the supply of Indian medicines and localizing production in Russia.
High-Technology & AI: Joint projects in advanced aircraft, space exploration, and artificial intelligence.
Energy: Continuation of "uninterrupted" fuel shipments from Russia and cooperation in civil nuclear energy.
Skilled Mobility: An agreement was signed to facilitate manpower mobility, with the PM announcing a free 30-day e-tourist visa for Russian citizens.
Addressing global challenges, the Prime Minister touched upon the international situation, reaffirming India's stance on global peace. He reiterated India's commitment to finding a peaceful and lasting resolution to the ongoing conflict in Ukraine.
"India has advocated for peace on the Ukraine issue from the very beginning," PM Modi said, asserting: "India is not neutral; India has a clear position, and that position is for peace. We support every effort toward peace."
The Business Forum resolved with both sides expressing optimism that the strategic alignment and a push for greater economic engagement will not only benefit their respective countries but also contribute to a stable and multipolar world order. UNI SKA KK