Mutual Trust Core of India-Russia Partnership: PM Modi

• PM Modi and President Vladimir Putin address India–Russia Business Forum in New Delhi
• PM says mutual trust is the strongest pillar of bilateral ties
• India–Russia trade target of $100 billion expected to be met ahead of 2030
• PM highlights reforms driving India toward becoming world’s third-largest economy

GG News Bureau
New Delhi, 6th Dec: Prime Minister Narendra Modi addressed the India–Russia Business Forum alongside Russian President Vladimir Putin in New Delhi, reaffirming that mutual trust remains the foundation of the India-Russia partnership, whether in business or diplomacy.

Welcoming President Putin and the large Russian delegation at Bharat Mandapam, the Prime Minister said the trust between the two nations continues to provide both “direction and momentum” to their shared aspirations. He thanked the Russian President for his continued commitment to strengthening bilateral ties.

PM Modi noted that India and Russia had previously set a target of achieving $100 billion in bilateral trade by 2030, but recent discussions indicate the milestone will be met well ahead of schedule. He highlighted ongoing efforts to reduce tariff and non-tariff barriers and create predictable mechanisms to support businesses on both sides.

The Prime Minister said India’s transformation over the last eleven years has been unprecedented. Guided by the principle of “Reform, Perform and Transform,” he said the country is moving rapidly toward becoming the world’s third-largest economy. Opening strategic sectors such as defence, space and civil nuclear energy to private industry, he added, reflects a broad mindset shift aligned with the vision of Viksit Bharat.

PM Modi outlined several new avenues for deepened cooperation. In connectivity, both leaders reaffirmed commitment to advancing the International North-South Transport Corridor (INSTC), the Northern Sea Route, and the Chennai–Vladivostok Corridor, with the aim of reducing transit time and easing logistics.

He said Russia’s recent expansion of the list of Indian companies eligible to export marine and dairy products opens new opportunities for Indian businesses. Joint ventures in cold-chain infrastructure, deep-sea fishing and harbor modernisation, he said, can meet Russian demand and create new value chains.

On the automobile sector, the Prime Minister highlighted India’s global leadership in affordable EV and CNG mobility, while Russia brings strength in advanced materials — creating strong synergies for manufacturing and exports, especially for markets in the Global South.

PM Modi also emphasized collaboration in pharmaceuticals, where India’s reputation as the “Pharmacy of the World” can support joint vaccine development, cancer therapies and API supply diversification. Cooperation opportunities, he said, also span textiles, fertilizers, ceramics, cement and electronics.

Calling manpower mobility a cornerstone of future engagement, PM Modi said India is emerging as the ‘skill capital of the world’, capable of meeting global workforce needs. Training Indian professionals in Russian language and soft skills, he said, will help build a “Russia-ready workforce” that supports shared economic priorities.

The Prime Minister noted that both sides have taken important decisions on tourist visas, which will expand tourism and create new business and employment opportunities.

PM Modi concluded by calling for a new era of co-innovation, co-production and co-creation, stressing that the partnership aims not only to boost bilateral trade but to develop sustainable solutions for global challenges.

“Come, Make in India, Partner with India — and together, let us make for the world,” he said, thanking President Putin and all participants at the forum.