Prime Minister Narendra Modi and Russian President Vladimir Putin attended the India–Russia Business Forum in New Delhi on Friday. Addressing the event, the PM said the two countries are on track to meet their USD 100 billion trade target well before the original 2030 deadline.
The forum, held at Bharat Mandapam, saw participation from industry leaders, policymakers and a large Russian delegation accompanying Putin.
PM Modi said the “greatest strength” of the India–Russia partnership lies in “mutual trust”, which he described as the driving force behind the two countries’ expanding cooperation across sectors. He noted that discussions between India and the Eurasian Economic Union on a Free Trade Agreement have already begun.
Highlighting India’s economic transformation over the past decade, PM Modi said the country is advancing rapidly towards becoming the world’s third-largest economy, guided by the principle of “Reform, Perform and Transform”. He pointed to next-generation reforms in GST, compliance reduction, and the opening of defence and space sectors to private players as key steps that have improved the business environment. These, he said, are “mindset reforms” driven by the vision of Viksit Bharat.
The Prime Minister also underlined progress across several pillars of bilateral cooperation. On connectivity, he said both sides had reaffirmed their commitment to advancing projects such as the International North-South Transport Corridor, the Northern Sea Route and the Chennai–Vladivostok maritime corridor. PM Modi added that a “virtual trade corridor” leveraging digital technologies could further streamline customs, logistics and regulatory systems.
In trade, the PM said opportunities are expanding in marine products after Russia recently cleared more Indian exporters for dairy and seafood shipments. He called for deeper collaboration in cold-chain logistics, deep-sea fishing, and processing infrastructure.
Prime Minister Modi identified additional areas where India and Russia could build joint capacities — including electric mobility, automotive components, pharmaceuticals, radio-pharmaceuticals, vaccines, textiles, fertilizers, cement, ceramics and electronics. In pharma, he noted that India remains the “Pharmacy of the World” and can partner with Russia on vaccines, critical drugs and APIs.
The PM said skilled manpower mobility will play an important role in strengthening economic ties, noting India’s emergence as the “skill capital of the world” and the potential for developing a “Russia-ready workforce” through specialised language and training programmes.
The Prime Minister also pointed to recent decisions on easing tourist visas for citizens of both countries, saying this would boost two-way tourism, create new business avenues and generate employment.
Underscoring that India and Russia are embarking on a new phase of “co-innovation, co-production and co-creation”, PM Modi said the goal is not merely to increase trade but to jointly build sustainable solutions for global challenges. Inviting deeper collaboration, he concluded: “Come, Make in India, partner with India — and together, let us make for the world.
