At the joint press meet, the Indian PM further issued a clear message to the US, which has imposed punitive tariffs on India for buying subsidised Russian crude oil for domestic needs. PM Modi said energy security has been a strong pillar of the India-Russia partnership, and the two countries will continue this win-win cooperation.
PM Modi and President Putin during the joint presser at Hyderabad House in New Delhi
India and Russia on Friday agreed to firm up their economic ties amid global headwinds and the US move to impose wide-ranging tariffs on its trade partners. Addressing a joint press conference following bilateral talks at the Hyderabad House here, Prime Minister Narendra Modi said India and Russia have signed a Vision 2030 document on bilateral economic cooperation till 2030.
Modi said he and visiting Russian President Vladimir Putin agreed on a common priority to take the bilateral economic partnership to new heights and enhance cooperation in strategic areas of the two countries’ economies.
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President Putin said he and the Indian leader resolved to prioritise bilateral cooperation in areas of security, economy, trade, and cultural spheres, adding that all issues relating to India-Russia relations were discussed during the bilateral talks.
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Standing on the dais with President Putin, PM Modi said, “To further economic cooperation, we have signed a Vision 2030 document. Today, both of us will take part in the India–Russia Business Forum. I am confident this platform will strengthen our business relations and open new avenues for co-production and co-innovation. Both countries are also taking new steps to realise an FTA with the Eurasian Economic Union.”
Putin pointed out that PM Modi has particularly highlighted some key areas of cooperation and concern, adding that both Russia and India will prioritise action on them.
“The Prime Minister gave us a list of challenges that deserve the attention of both governments, and we will act on them. The creation of a Free Trade Agreement between India and the Eurasian Economic Union will help. Our countries are gradually moving to mutual settlements in national currencies, which already account for 96% of commercial transactions,” Putin said.
“Last year, our bilateral trade turnover grew by 12 per cent, setting a new record. We are currently forecasting that this year’s trade agreement will remain at the same impressive level,” Putin said further, adding the two countries are looking to increase annual bilateral trade volume to USD 100 billion.
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At the joint press meet, the Indian PM further issued a clear message to the US, which has imposed punitive tariffs on India for buying subsidised Russian crude oil for domestic needs. PM Modi said energy security has been a strong pillar of the India-Russia partnership, and the two countries will continue this win-win cooperation.
President Putin assured Russia is ready for an uninterrupted fuel supply to India, and added that the two countries are witnessing “successful partnerships in energy: stable supplies of oil, gas, coal, and everything required for India’s energy needs”.
PM Modi also highlighted the collaboration in civil nuclear energy as well as in critical minerals, which are essential to maintain a diverse and reliable global supply chain.
President Putin also underscored the cooperation in nuclear energy and stated that Russia was working with India to build the latter’s largest nuclear power plant at Kudankulam in Tamil Nadu.
“We are conducting a flagship project to build India’s largest nuclear power plant at Kudankulam. Two of the six reactor units are already connected to the grid, while four more are under construction. Bringing this plant to full capacity will make an impressive contribution to India’s energy needs, providing cheap and clean power for industries and households. We can also discuss small modular reactors, floating nuclear plants, and non-energy uses of nuclear technology, including in medicine and agriculture,” the Russian leader told the gathering.
Addressing the joint press meet with President Putin.@KremlinRussia_E https://t.co/ECjpvWj7CF
— Narendra Modi (@narendramodi) December 5, 2025
The two leaders also talked about cooperation in the area of connectivity, with President Putin stating that work will start on the International North–South Transport Corridor, the Northern Sea Route, and the Chennai–Vladivostok Maritime Corridor.
“We are working with our Indian partners to build new international transport and logistics routes, including the International North–South Transport Corridor from Russia and Belarus to the Indian Ocean. There are major opportunities for bilateral trade with the expansion of this corridor, including its key link -the Northern Sea Route,” he said.
On the Ukraine conflict issue, Modi reiterated India’s position and said his government welcomes all efforts being made for a peaceful and lasting resolution of the issue. India has advocated for peace on the Ukraine issue from the very beginning, the PM added.
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The Indian PM underscored the friendship between India and Russia that has stood the test of time.
“The world has witnessed many ups and downs in the last eight decades. However, the friendship between India and Russia has remained like a pole star. This relationship is built on mutual respect and trust… Today, we have held discussions on all factors that will help strengthen this relationship,” Modi said, adding President Putin’s visit to India has come at a time when the bilateral relationship is passing through several historic milestones.
“My friend President Putin, delegates from both countries – I am happy to welcome President Putin for the 23rd India–Russia Bilateral Summit. Twenty-five years ago, President Putin laid the foundation of our strategic partnership…,” the PM said.
Modi also highlighted the understanding between the two countries in the fight against terrorism, adding that the menace is a direct assault on the values of humanity.
“India and Russia have long cooperated shoulder-to-shoulder in the fight against terrorism. Whether it is the terror attack in Pahalgam or the cowardly attack on Crocus City Hall, all such acts have the same roots. India believes that terrorism is a direct assault on the values of humanity, and global unity against it is our greatest strength,” the PM noted.
At the joint press meet, it was also announced that India and Russia have inked an MoU for cooperation in the port and shipping sector, as well as agreements on cooperation in the health and food safety sectors. An agreement on migration and mobility was also signed.
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