Putin and Modi Seal Bold 2030 Economic Plan as India Walks a Strategic Tightrope

Putin and Modi Finalize Economic Cooperation Program Through 2030

Russian President Vladimir Putin met Indian Prime Minister Narendra Modi in New Delhi for the 23rd Russia–India Summit, where the two leaders announced a comprehensive plan to broaden and deepen economic ties through 2030. The agreement aims to diversify bilateral trade, strengthen energy cooperation and accelerate cooperation across defence, nuclear and labour mobility.

The two governments said they will pursue a program to raise annual trade to $100 billion by 2030, up from $68.7 billion in the last fiscal year ending in March. India, which currently runs a significant trade deficit with Russia, intends to boost exports of pharmaceuticals, agricultural goods and textiles while seeking reduced non-tariff barriers and long-term supplies of fertilizers.

"To achieve this significant goal, a program for the development of Russian–Indian economic cooperation until 2030 has been agreed upon," Putin said, adding that talks are underway on a free-trade arrangement linking India with the Eurasian Economic Union.

Energy remains central to the partnership. Putin described Russia as "a reliable supplier of energy resources" and pledged continued, uninterrupted fuel deliveries to support India’s growing economy. New Delhi emphasized longstanding civil‑nuclear cooperation and flagged expanded collaboration in clean energy, shipbuilding and other strategic sectors.

Defence and Strategic Cooperation

On defence, the leaders reaffirmed a close military‑technical relationship. India has received three S‑400 surface‑to‑air missile systems under a 2018 contract and has requested accelerated delivery of two more units amid supply-chain disruptions tied to the conflict in Ukraine. The two sides also ratified a pact to enhance military cooperation, exercises, port calls, disaster relief and logistics support.

India is pursuing upgrades for Russian-made Su-30MKI fighters and faster delivery of other critical defence hardware. Both governments expect deeper coordination on training, repairs and defence-industrial collaboration.

Geopolitical Context and External Pressure

The summit takes place against rising pressure from Washington, which has warned that continued purchases of discounted Russian oil risk financing Moscow’s war effort. The U.S. has announced sanctions on major Russian energy firms, and some buyers signalled pauses in December deliveries. New Delhi says it complies with international sanctions and is managing its own strategic interests as it balances ties with Moscow and deeper engagement with the U.S. and the EU.

India is also negotiating trade pacts with the European Union and pursuing closer ties with the United States. Analysts describe New Delhi's stance as a "strategic tightrope walk"—seeking to preserve historic ties with Russia while expanding partnerships with Western powers.

People-to-People and Trade Facilitation

As part of efforts to boost tourism and cultural exchange, Modi announced that India will introduce free electronic visas for Russian tourists and tour groups. Both sides are discussing measures to facilitate migration of skilled Indian workers to Russia, along with mechanisms to smooth trade flows and address regulatory barriers.

Putin last visited India in 2021; Modi travelled to Moscow last year, and the two leaders briefly met in September at a Shanghai Cooperation Organization summit.