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India-Russia agreement has provided stability to global fuel market: PM Modi

July 10, 2024 10:51 AM IST

Make in India | Prime Minister Narendra Modi | Russia | Ukraine | President Vladimir Putin | Moscow | Russian oil | Fertilizer crisis

During a bilateral meeting with Russian President Vladimir Putin on Tuesday, Prime Minister Narendra Modi praised the fuel agreement between India and Russia, stating it has brought stability to the global market.

PM Modi emphasized the long-standing ties between the two nations, noting that he has met with Putin 17 times in the last decade. This meeting comes amid ongoing Western sanctions on Russia due to the Ukraine conflict, which began in 2022. India has continued to purchase Russian oil, citing national interest and domestic price stability.

“The fuel agreement between India and Russia indirectly gave market stability to the world,” PM Modi said, addressing the global fuel challenge. He thanked President Putin for supporting India’s ‘Make in India’ initiative and helping expand manufacturing opportunities in the country.

The Prime Minister also highlighted how the cooperation between New Delhi and Moscow prevented a fertilizer crisis for Indian farmers during challenging times. “Due to India-Russia friendship and cooperation, we did not let our farmers face a fertilizer crisis,” PM Modi said.

Reflecting on recent global challenges, including the COVID-19 pandemic and various conflicts, PM Modi expressed India’s commitment to peace.

He also appreciated discussions with President Putin regarding the Ukraine conflict.

“I am happy that we were able to openly lay our thoughts on the Ukraine issue, were able to discuss it and tried to understand each other’s opinion with due respect,” PM Modi said.

“India is ready to provide all necessary support in achieving peace. I am happy to hear your positive thoughts…I would like to assure you as well the world that India is on the side of peace. A hope has emerged in me after listening to President Putin. I thank you a lot for this,” he added.

(Inputs from ANI)

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Last updated on: 13th July 2024