Key takeaways from Modi-Putin press conference
What's the story
Prime Minister Narendra Modi and Russian President Vladimir Putin have launched an Economic Cooperation Program to boost bilateral trade and investment until 2030. The announcement was made during the 23rd India-Russia Annual Summit at Hyderabad House in New Delhi. PM Modi emphasized the enduring partnership between India and Russia, which has withstood global challenges for decades. "Over the past eight decades...the India-Russia friendship has remained steadfast like a pole star," he said.
Bilateral agreements
India, Russia sign multiple agreements across sectors
During the summit, several agreements were signed across key sectors such as fertilizers, food safety, health, migration, maritime logistics, and energy. Russia assured India of uninterrupted fuel shipments for its growing economy. Indian companies also signed a deal with URALCHEM to set up a urea plant in Russia. MoUs were signed between India's FSSAI and Russia's consumer protection body for food safety and consumer protection cooperation.
Trade expansion
Highlights from Modi's speech
At the conference, Modi also announced efforts to strengthen ties between the two countries. He said they have opened two new consulates in Russia and introduced two new tourist visa schemes. He announced a free 30-day e-tourist visa and a 30-day Group Tourist Visa for Russian citizens. On the Ukraine war, Modi said India had "stood for peace since the beginning." He welcomed efforts to find a "lasting solution" and said that India was ready to "contribute in the future."
Strategic ties
Energy security and strategic cooperation at core of partnership
He also said energy security is a key pillar of India-Russia relations, with decades-long collaboration in civil nuclear energy and critical minerals. "Our cooperation in critical minerals is crucial to ensuring secure and diversified supply chains across the world. This will support clean energy, high-tech manufacturing, and new-age industries," he said. In a bold move, Putin said Russia was "ready to continue uninterrupted fuel shipments" to India, referencing a "flagship" nuclear plant being built in India.
Diplomatic visit
Arctic operations, RT, BRICS
Both leaders also emphasized collaboration in Arctic operations, with India training seafarers for polar waters. President Putin noted efforts to increase bilateral trade volume to $100 billion and settle trade in national currencies. Furthermore, Putin announced that RT will launch in India, allowing Indians to learn more about his country through the broadcast of "objective information." Putin stated that he and Modi were cooperating on foreign policy, especially through their BRICS alliance, to achieve a "more just" and "multi-polar" world.