India-Russia bilateral trade to touch $100 bn by 2030: Modi

Modi says India and Russia are making rapid progress towards this goal

New Delhi: Prime Minister Narendra Modi on Friday exuded confidence that the $100 billion bilateral trade target between India and Russia will be achieved ahead of 2030.

Speaking at the India-Russia Business Forum, along with Russian President Vladimir Putin, Modi invited Russian businesses to ‘come and Make In India…and partner with India’. The Prime Minister recalled that last year, President Putin and he set a target of reaching USD 100 billion in bilateral trade by 2030.

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“However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal,” Modi said.

He further said that simplified and predictable mechanisms are being created for businesses, and discussions have begun on the FTA between India and the Eurasian Economic Union.

Whether it is business or diplomacy, the foundation of any partnership is mutual trust, he noted.

“The greatest strength of India-Russia relations is this trust. It is this trust that gives direction to our joint efforts and also provides momentum,” the Prime Minister said, adding that this is the launchpad that gives inspiration to take flight towards new dreams and aspirations.

He noted that India is a global leader in affordable, efficient electric vehicles, two-wheelers, and CNG mobility solutions, while Russia is a major producer of advanced materials.

By partnering in EV manufacturing, automotive components, and shared mobility technologies, the two countries can not only meet their domestic demands but also contribute to the development of the Global South, Modi said.

President Putin said Russia is for strengthening its multifaceted relations with India in various fields.

He also said that Russian companies are ready to increase purchases of a wide range of goods and services from India.