Russia-India Business Forum

Vladimir Putin and Prime Minister of India Narendra Modi took part in the plenary session of the Russia-India Business Forum.
Photo: Kremlin.ru

Vladimir Putin and Prime Minister of India Narendra Modi took part in the plenary session of the Russia-India Business Forum.

The forum, co-organised by the Roscongress Foundation and the Federation of Indian Chambers of Commerce and Industry (FICCI), took place in New Delhi on December 4-5.

President of Russia Vladimir Putin: Mr Prime Minister, friends,

I am delighted to welcome the participants of the Russia-India Business Forum plenary session.

These days, New Delhi is hosting representatives from our economic ministries and departments, the heads of our largest companies, banks and regions, as well as members of parliament – that is, all those who are engaged in practical efforts to promote multifaceted Russian-Indian cooperation in imports and exports, finance and investments.

As I understand it, you have discussed a broad range of specific issues related to economic interaction between Russia and India during your numerous panel sessions and expert discussions. But the main achievement is that new business contacts have been established at the forum, talks have begun on future commercial deals, and forward-looking mutually beneficial projects have been launched.

I would like to draw your attention to what I consider to be of utmost importance. This forum was proposed and organised primarily to demonstrate the multifaceted possibilities of our cooperation.

I would like you to know that the Russian delegation has not come here to discuss only energy, place orders or sign oil and gas contracts. We want to develop our multifaceted relations with India in many spheres.

Mr Prime Minister has pointed out many times during our private conversations that India has vast and growing opportunities in many spheres, but they are not being used as both sides would like them to be used. In fact, this is what this forum is about.

To tell the truth, this forum is devoted to the possibilities of the Indian economy and aims to inform our economic operators about these opportunities, so that we can open up our markets to mutual satisfaction and mutual development. All this has fundamental significance because strong and diversified ties between Russian and Indian businesses are among the most powerful pillars of the privileged strategic partnership between our countries.

Russia and India are indeed long-time, close trading partners. Trade continues to grow steadily, with the dynamics hitting record highs of up to 80 percent over the past three years. Last year, the volume of Russian-Indian trade reached US$64 billion.

Clearly, the opportunities for expanding bilateral trade and investment are enormous. Both Russia and India boast large consumer markets and impressive economic, technological, and resource potential.

To reiterate, under Prime Minister Modi’s leadership, India is pursuing an entirely independent sovereign policy and is achieving very good results in the economy. The Indian economy is one of the world’s fastest growing economies. The figures speak for themselves. Over ten years, India’s GDP has almost doubled and has grown by 2.5 times in terms of purchasing power parity.

Sound economic policies and Prime Minister Modi’s signature initiatives such as the Make in India programme, are strengthening India’s technological sovereignty. The Indian manufacturing and light industries, its IT sector, and the pharmaceutical industry are among the world’s leaders. Russia is carefully analysing India’s experience and uses it in implementing our national programmes for import substitution and localisation of production of high value-added products. The governments of both countries, along with the Prime Minister and me, are paying close attention to deepening Russia-India multifaceted economic ties. Following today’s talks, we adopted a Programme for Expanding Russian-Indian Economic Cooperation. This comprehensive document is aimed at achieving the goal that Mr Modi and I set to bring trade to US$100 billion by 2030.

We will need business communities from both countries to do their best to expand and diversify trade and to form a balanced configuration of reciprocal trade.

Trade surplus in Russia’s favour is quite large. Russian businesses and companies are willing to multiply imports of Indian goods and services. Friends, we welcome this, as it helps make our economy more resilient.

Your forum clearly showed that Indian entrepreneurs are genuinely interested in trading with Russia as well. They have much to offer. The synergy is obvious. Therefore, it makes good economic sense to prioritise projects to increase Indian imports to Russia as part of the new export support programme recently adopted by Mr Modi’s government.

For my part, I would like to reassure the business community that all constructive initiatives aimed at expanding mutual economic exchanges will continue to receive full support from Russian ministries and agencies.

The intergovernmental commission undoubtedly plays a key role in fostering an atmosphere of genuine free trade between our countries. It is important that we work together, in close coordination, to remove the remaining customs and administrative barriers that impede the reciprocal flow of goods, services, and capital.

A positive effect in this regard would likely stem from the prompt conclusion of a preferential trade agreement between India and the Eurasian Economic Union. Free trade cannot exist without a stable system of bilateral settlements and reliable payment and insurance mechanisms. The use of national currencies also provides tangible advantages, ensuring uninterrupted financial transactions regardless of external conditions.

Naturally, the development of transport and logistics infrastructure is of particular importance. Much is already being done: the project to establish the North–South Corridor from Russia and Belarus to the Indian Ocean coast is advancing, as is the modernisation of the Northern Sea Route infrastructure, including its use for delivering Indian goods to global markets.

However, cooperation between our two countries should not and cannot be limited to trade alone. We must extend our efforts to strengthen industrial cooperation, jointly create cutting-edge products, and develop technological alliances, especially in advanced, knowledge-intensive sectors such as digitalisation, autonomous robotics, pharmaceuticals (including the synthesis of effective medicines), and the production of high-tech medical equipment.

We are ready for broad partnership with India in the field of artificial intelligence, where both our countries have their own advanced achievements. Russia is interested in taking part in the AI summit planned for February 2026 in India, as I have just mentioned to the Prime Minister. We will send a representative delegation to this event.

In conclusion, I would like to once again emphasise the continued strengthening of Russian-Indian trade and investment ties and the close cooperation between our business communities. All of this truly contributes to economic growth and development, improving the wellbeing of our citizens, and therefore fully corresponds to the fundamental interests of our countries and our peoples.

I wish the forum participants and organisers every success and all the best.

Thank you for your attention.

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