Putin meets PM Modi in India - Aims to expand bilateral trade to USD 100 billion by 2030
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held talks at a summit in New Delhi. Modi stressed India's support for peace efforts in Ukraine, while the country offered a warm welcome to the Russian leader.
It is Putin's first visit to India in four years, aimed at boosting trade with the top buyer of Russian arms and ship-borne oil, despite Western sanctions that have strained their relationship. India is also negotiating a trade deal with the United States to reduce punitive tariffs imposed by President Donald Trump on Indian goods over its purchase of Russian oil.
Moscow has been India's main arms supplier for decades and has expressed a desire to import more Indian goods, increasing trade to $100 billion by 2030. New Delhi has increased purchases of Russian oil at discounted prices since Russia's invasion of Ukraine, but has reduced them this year under pressure from US tariffs and sanctions.
“India is not neutral. The country has a position, and this position is for peace,” Modi said opening the talks. “We support every effort for peace and stand shoulder to shoulder with every initiative in this direction.” Putin thanked Modi for efforts aimed at resolving the conflict.
The Russian leader added that the relations and economies of their countries are expanding opportunities for cooperation in new areas such as high technologies, aviation, space and artificial intelligence. He also said that military-technical cooperation between the two states remains very reliable.
Russian banks Gazprombank and Alfa Bank sought approval to start operations in India, aiming to expand bilateral trade.
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