India & Russia Ink 5-Year Mega Deal: $100 Billion Trade Goal & Energy Security Boost!
Overview
India and Russia have agreed on a five-year plan to significantly boost economic and trade ties, aiming for $100 billion in annual bilateral trade. Key areas include energy cooperation, with Russia promising steady fuel supplies, and support for India's 'Make in India' initiative through joint ventures in manufacturing and technology. The pact also promotes greater use of national currencies, with transactions largely settled in rupees and rubles.
India and Russia have solidified a comprehensive five-year roadmap to deepen their economic and trade relationship, aiming to strengthen bilateral cooperation across critical sectors like energy, manufacturing, and technology.
Five-Year Economic Cooperation Programme
The landmark 'Economic Cooperation Programme' through 2030 was finalized during the 23rd India-Russia Annual Summit. This program focuses on diversifying, balancing, and sustaining trade and investment between the two nations. A significant goal is to increase annual bilateral trade to $100 billion, with energy cooperation identified as a central pillar.
- Leaders agreed to finalize a free trade agreement with the Eurasian Economic Union to further enhance trade engagement.
- The program prioritizes the increased use of national currencies, with 96% of transactions already occurring in rupees and rubles.
Energy and Strategic Partnerships
Russia has reaffirmed its commitment to being a reliable supplier of vital energy resources to India.
- President Vladimir Putin pledged steady fuel supplies, including oil, gas, and coal.
- Collaboration is set to expand in India's nuclear energy sector, with discussions covering small modular reactors, floating nuclear power plants, and non-energy atomic applications in medicine and agriculture.
- Both nations also agreed on cooperation in health, food safety, mobility, and critical minerals, essential for secure supply chains in clean energy and high-tech manufacturing.
Industrial Collaboration and 'Make in India'
Russia has pledged strong support for India's 'Make in India' initiative, signaling a new era of industrial collaboration.
- Joint ventures are planned for local production of industrial products.
- Key sectors for collaboration include manufacturing, machine-building, digital technologies, and other science-intensive fields.
People-to-People Engagement
Beyond economic and industrial ties, the agreement fosters human connections and skill development.
- Plans are in place to train Indian seafarers in polar waters, enhancing Arctic cooperation.
- This initiative aims to create new employment opportunities for Indian youth.
- The India-Russia Business Forum will serve as a platform for businesses to drive exports, co-production, and innovation.
The summit underscores a shared vision to navigate geopolitical challenges and global uncertainties by strengthening their robust partnership.
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