India and Russia will cross $100-billion trade target by 2030: PM Modi
Russian President Putin cited possibilities of enhancing trade and commerce between the two nations at the India-Russia Trade Forum in New Delhi
India and Russia will cross the $100 billion bilateral trade target much before the appointed 2030 deadline, Prime Minister Narendra said on Friday after Russian President Vladimir Putin cited possibilities of enhancing trade and commerce between the two nations at the India-Russia Trade Forum in New Delhi.
“Last year, President Putin and I decided to cross the $100 billion bilateral trade target by 2030. But, after my discussions with President Putin from yesterday, and the kind of potential I could see myself, I don’t think that we need to wait for 2030. I’m seeing this clearly,” he said while jointly chairing the forum’s meeting with the visiting Russian President.
Citing bilateral efforts such as reducing tariff and non-tariff barriers, he said in Hindi: “We are moving forward with the resolve to achieve the target before the deadline. I’m confident.”
President Putin said that Russia and India are long-time trade partners and cited growing bilateral trade between the two countries. “Trade volumes are growing at a sustainable pace and over the past three years we saw a record increase of up to 80%. As a result, last year the Russian Indian trade volume reached $68 billion,” he said.
He said the Russian delegation did not only come in order to discuss energy issues and sign contracts for the supplies of oil and gas. He said Russia wants development in multifaceted relations with India in various fields.
Addressing business leaders of the two countries present at the meeting, the PM said, “But friends, business leaders like you are the true strength behind these efforts. Your energy, your innovation and your ambition give shape to our shared future.”
The PM identified sectors for joint cooperation such as logistics and connectivity, marine and deep sea-fishing, mobility and EVs, pharmaceuticals and its value chain, vaccines, textiles, fertilisers, cement and electronics.
Speaking about transformational changes that took place in the last 11 years at unprecedented speed and scale in India, he reiterated his development mantra -- “Reform, Perform and Transform”. With this principle, India is moving forward to become the third largest economy in the world, he said.
“In this reform journey of 11 years, we are neither tired nor paused. Our resolve is stronger than ever, and we are moving very fast towards our goal with full self-confidence,” he added.
Referring to next generation reforms in indirect tax (GST 2.0), effective from September 22 and ease of compliance, allowing the private sector in defence and space that created new opportunities, he said the government is considering opening the civil nuclear sector for private investments. “These are not just administrative reforms, but they are mindset reforms,” he said, adding that the aim is to achieve Viksit Bharat by 2047.
Modi said India and Russia and working on “simplified and predictable” mechanisms to boost bilateral economic ties. He also mentioned about discussions on the free trade agreement between Bharat and Eurasian Economic Union. New Delhi and Moscow had reviewed the next steps for the India-Eurasian Economic Union (EAEU) free trade agreement last month. EAEU is the five-member post-Soviet bloc led by Russia with a combined GDP of $6.5 trillion. The other members are Armenia, Belarus, Kazakhstan and Kyrgyz Republic.
Reflecting on President Putin’s emphasis on trade and investment potential between the two countries, the PM said, “Considering that, we can achieve big goals in a very short span of time.”
“Either business or diplomacy, the foundation of any partnership is mutual trust,” he said. “Bharat-Rus sambandh ki sabse badi shakti yahi vishwas hai. [This confidence is the biggest strength of the India-Russia relationship],” he added.
