Prime Minister Narendra Modi and Russian President Vladimir Putin are expected to discuss an ambitious expansion of the India-Russia economic partnership during their bilateral meeting in New Delhi on Friday, with a $100 billion bilateral trade target by 2030 likely to be a key focus, sources said.
The talks are expected to build on discussions at the first INNOPROM India 2026 industrial exhibition, which is being held in New Delhi from September 9 to 11. India and Russia have set a target of taking bilateral trade to $100 billion by 2030, with New Delhi also seeking greater Russian investment and expanded market access for Indian products. Track live updates from the BRICS summit in Delhi here
Sources said the two leaders are likely to review ways to deepen industrial cooperation, including through INNOPROM India, which is aimed at creating new business-to-business opportunities between companies from the two countries. Discussions are also expected to focus on expanding Indian exports and improving access for Indian products to the Russian market.
Rail, tunnelling and steel cooperation
Industrial cooperation is expected to be another important pillar of the Modi-Putin discussions. The two sides are likely to explore greater collaboration in the railway sector, tunnelling and infrastructure, besides developing an integrated steel value chain.
{{/usCountry}}Industrial cooperation is expected to be another important pillar of the Modi-Putin discussions. The two sides are likely to explore greater collaboration in the railway sector, tunnelling and infrastructure, besides developing an integrated steel value chain.
{{/usCountry}}India and Russia have already been discussing cooperation in railway infrastructure, including the Vande Bharat project and signalling equipment. Their recent industrial cooperation talks also covered mining, aluminium, critical minerals and industrial equipment.
The steel sector is emerging as another area for deeper engagement, with opportunities spanning raw materials, metallurgical technologies, speciality steel, research and development and advanced steel technologies. The two countries held a dedicated session on the steel value chain during INNOPROM India this week.
Nuclear cooperation
Civil nuclear cooperation is also expected to figure prominently, with the two sides looking at ways to strengthen collaboration across the nuclear fuel cycle and provide life-cycle support for nuclear projects, sources said.
The discussions come as India and Russia seek to expand their longstanding cooperation in civilian nuclear energy, including through greater localisation and deeper industrial participation.
Skilled workforce, critical minerals
The two sides are also likely to discuss expanding cooperation in mobility and skilled labour, including increasing the movement of Indian skilled workers to Russia, sources said.
Critical minerals and rare earths are another emerging area of cooperation. India is looking to diversify supplies of minerals needed for strategic and high-technology industries, while Russia could become a significant partner in minerals that are not readily available domestically. Indian and Russian officials have already discussed cooperation in rare earths, lithium, titanium and other critical minerals.
Fertiliser supplies, joint ventures
Fertiliser cooperation is expected to receive particular attention, given Russia's importance as a supplier to India. Sources said the two countries are looking at strategic joint-venture projects to strengthen cooperation and ensure long-term supplies.
Russia supplied around 6 million tonnes of mineral fertilisers to India last year, according to Russian officials, while shipments increased by another 20% in the first half of 2026 compared with the same period a year earlier. Russian companies are also exploring joint production facilities in India.
The Modi-Putin meeting comes as India seeks to broaden its economic engagement with Russia beyond traditional areas such as energy and defence. Indian Commerce Minister Piyush Goyal has called for faster progress towards the $100 billion trade target, while highlighting opportunities for Indian pharmaceuticals, auto components and food products in the Russian market.