Russian President Vladimir Putin has expressed confidence that India and Russia can substantially expand their economic partnership, projecting bilateral trade to reach USD 100 billion in the coming years, driven by cooperation in sectors such as nuclear energy, hydrocarbons and investments.
Speaking on the sidelines of the St. Petersburg International Economic Forum on Thursday, Putin said trade between the two countries was steadily growing and that both sides were aiming for more ambitious economic targets.
“We hope that in the upcoming years we will reach 100 billion US dollars in mutual trade. It’s about 58 or 60 billion US dollars, but we have all the foundations to work more actively and to reach more ambitious goals,” he said.
Highlighting the energy partnership between New Delhi and Moscow, Putin pointed to Russia’s role in India’s civil nuclear programme, particularly the Kudankulam Nuclear Power Project (KKNPP) in Tamil Nadu’s Tirunelveli district.
“We are not only talking about our plans in energy, including nuclear energy. Kudankulam Nuclear Power Plant is now being constructed,” Putin said, referring to the ongoing expansion of the project.
He also underscored prospects for future cooperation in the hydrocarbons sector.
“New platforms will emerge in terms of hydrocarbons. We will be continuing to work together,” he said.
Putin further highlighted the growing investment relationship between the two countries, describing ongoing projects as among the largest foreign investments in India.
“We have one of the largest investment projects in the Indian economy, and we will be doing mutual investments,” he said.
The remarks come amid continued progress at the Kudankulam Nuclear Power Project. On May 2, the Atomic Energy Regulatory Board (AERB) granted permission for the erection of major equipment at Units 5 and 6 of the project, according to the Nuclear Power Corporation of India Limited (NPCIL).
In a post on X, NPCIL described the approval as a significant milestone for India’s nuclear energy programme.
“Landmark progress at Kudankulam… India’s nuclear energy programme achieves another decisive milestone. The Atomic Energy Regulatory Board (AERB) has accorded permission for major equipment erection at Units 5 & 6 of Kudankulam Nuclear Power Project (KKNPP),” the company said.
India’s civil nuclear cooperation with Russia remains a key component of efforts to expand the country’s nuclear power generation capacity.
In March, External Affairs Minister S. Jaishankar described Russia as India’s foremost partner in civil nuclear energy and termed the Kudankulam project a “stellar example” of bilateral cooperation.
“As India aims to increase its nuclear energy generation capacity to 100 gigawatt by 2047, I am confident that it will find a trusted and reliable partner in Russia for peaceful uses of nuclear energy,” Jaishankar had said.
The Kudankulam project also featured prominently during Putin’s visit to India in December last year. At the time, the Russian President said two of the plant’s six reactor units had already been connected to the grid, while the remaining four were under various stages of construction.
“Getting this nuclear power plant to full power output will make an impressive contribution to the energy requirements of India,” Putin had said.
(With inputs from ANI)
