India & Russia Ink 5-Year Mega Deal: $100 Billion Trade Goal & Energy Security Boost!

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.