Putin lauds India’s rate of development, announces $100 bn trade goal

Russian President Vladimir Putin on Thursday expressed confidence that bilateral trade between India and Russia will reach USD 100 billion in the coming years, highlighting growing cooperation in energy, investments and other strategic sectors.

Speaking at the St Petersburg International Economic Forum, Putin praised India's economic growth and described New Delhi as a reliable partner, while stressing that both countries have the potential to significantly expand their economic engagement.

Referring to the rapid growth in bilateral trade, Putin said India and Russia already have a strong foundation to achieve the ambitious milestone.

"We hope that in the upcoming years we will reach 100 billion US dollars in mutual trade. It's about 58 or 60 billion US dollars, but we have all the foundations to work more actively and to reach more ambitious goals," he said.

The Russian president highlighted that economic ties between the two countries continue to deepen across several sectors, particularly energy and infrastructure.

Energy cooperation remains a key pillar

Putin highlighted ongoing cooperation in the energy sector, including nuclear power and hydrocarbons, as one of the strongest pillars of India-Russia relations.

"We are not only talking about our plans in energy, including nuclear energy," he said.

Referring to the Kudankulam Nuclear Power Plant project in Tamil Nadu, Putin said cooperation would continue to expand in the coming years.

"Kudankulam Nuclear Power Plant is now being constructed. New platforms will emerge in terms of hydrocarbons. We will be continuing to work together," he added.

The Russian president also pointed to investments as another important area driving the partnership.

"We have one of the largest investment projects in the Indian economy, and we will be doing mutual investments," Putin said.

Praise for India's economic growth

During the interaction, Putin praised India's economic performance and credited the country's growth to sustained policy efforts under Prime Minister Narendra Modi.

"India is among the world's major economies and is currently demonstrating an impressive rate of economic growth," he said.

"India is one of the leading economies of the world that has showed the highest rate of economic growth. This is not something that comes out of the blue. This is a result of the hard work that the government of India has been doing under the leadership of Prime Minister Narendra Modi," he added.

Putin also reiterated Russia's support for India's independent foreign policy and said New Delhi's growing ties with other countries do not affect its relationship with Moscow.

"We are glad that India is developing its relations with all countries it thinks important for its national interests," he said.

Describing India as a trusted partner, Putin added: "India is a great nation and democracy and Russia will continue to expand its relations with it. Everyone has understood that pressure on Prime Minister Narendra Modi and India is detrimental for international relations,"* Putin said.

Bilateral trade at record levels

India and Russia share a long-standing partnership covering defence, energy, trade, technology, space, education and cultural cooperation.

The relationship was elevated to a Strategic Partnership in 2000 and later upgraded to a Special and Privileged Strategic Partnership in 2010