PM Modi: India–Russia Trade To Smash USD 100 Billion Target Well Before 2030

Prime Minister Narendra Modi on Friday said that India and Russia are on track to surpass the USD 100 billion bilateral trade target well before 2030. Addressing the India-Russia Business Forum, he noted that India is rapidly progressing toward becoming the world's third-largest economy, guided by the principle of reform, perform, and transform.

Next-Generation Reforms to Boost Ease of Doing Business

PM Modi said that the transformative changes undertaken over the past 11 years in India are unprecedented. He highlighted that upcoming next-generation GST reforms and reduced compliance requirements will further enhance the ease of doing business.

He added:

"President Putin and I set a goal to exceed the USD 100 billion bilateral trade target by 2030. But based on my discussions with him since yesterday and the immense potential we see, I believe we won't need to wait until 2030. We are moving ahead with strong resolve, and my confidence is growing. Tariff and non-tariff barriers are being reduced... The speed and scale of change achieved in India over the past 11 years is unprecedented."

India-Russia Partnership in Electric Vehicle Manufacturing

PM Modi stressed that India has emerged as a global leader in affordable and efficient EVs, including electric two-wheelers and CNG mobility solutions. He said that India and Russia can collaborate to create joint ventures in electric vehicle manufacturing.

He stated:

"India is now a global leader in affordable, efficient EVs, two-wheelers, and CNG mobility solutions. Russia, being a major producer of advanced materials, can be a strong partner. Together, we can collaborate in EV manufacturing, auto components, and wireless mobility technologies. This will support our own requirements and also help the Global South, especially Africa."

Russia Keen to Strengthen Ties Across Multiple Sectors

President Vladimir Putin reaffirmed Russia's commitment to enhancing its multifaceted partnership with India. He said Russian companies are ready to increase their purchases of a wide range of Indian goods and services.