Prime Minister Narendra Modi and Russian President Vladimir Putin addressed the India–Russia Business Forum in New Delhi on Monday, underscoring the growing economic partnership between the two nations and outlining plans for deeper trade cooperation.
Speaking at Bharat Mandapam, Prime Minister Modi welcomed President Putin and the large Russian business delegation, calling the forum a “significant initiative” that reflects the strength of bilateral ties. He expressed appreciation for the Russian President’s participation and contributions to discussions on future economic prospects.
Modi noted that India and Russia have already begun discussions on a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU), describing the move as a step toward creating “simplified and predictable mechanisms” for business. He emphasized that tariff and non-tariff barriers are being reduced to encourage smoother trade flows.
Highlighting the foundation of the partnership, the Prime Minister stressed that mutual trust remains the driving force behind India–Russia relations. “Whether in business or diplomacy, the foundation of any partnership is mutual trust,” he said, noting that this trust provides direction and momentum for joint efforts.
The Prime Minister recalled the goal he and President Putin set last year—to surpass USD 100 billion in bilateral trade by 2030. However, he stated that both leaders now believe this target can be achieved ahead of schedule, given current discussions and the economic potential observed.
Modi credited business leaders for powering the growing partnership, acknowledging their innovation, ambition, and ability to shape the future of bilateral engagement.
Reflecting on domestic economic progress, the Prime Minister said India has undertaken unprecedented reforms over the past 11 years under the principle of “Reform, Perform, and Transform.” He added that the country is moving rapidly toward becoming the world’s third-largest economy, supported by next-generation reforms in areas such as the Goods and Services Tax (GST) and compliance reduction.
The forum, attended by business leaders from both nations, aimed to strengthen commercial cooperation, explore new opportunities, and reinforce the strategic economic partnership between India and Russia.
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