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.
Prime Minister of India Narendra Modi (retranslated): Your Excellency, my friend Vladimir Putin,
Heads of businesses from Russia and India, ladies and gentlemen, Namaskar.
I am extremely pleased – and I consider it a highly significant initiative on the part of President Putin – that he has come to India with such a large delegation to participate in this Russia–India Business Forum. I extend a warm welcome to all of you. It is a great pleasure to be here today.
I wish to express my particular gratitude to my friend, President Putin, for his participation in this forum and for sharing his invaluable perspectives with us.
We have established predictable mechanisms for engagement with the business community. Negotiations have commenced on the creation of a free trade zone between India and the Eurasian Economic Union.
As has been noted today, we are collaborating as friends across a wide range of sectors. President Putin has just outlined the emerging opportunities in diverse fields. In a very short time, we can achieve highly ambitious goals, whether in business or in diplomacy. The foundation of any partnership, however, is mutual trust. The greatest strength in Russia–India relations lies precisely in this mutual trust. It is reciprocal, and it provides the impetus for our common endeavours. It inspires us, giving us wings to realise our shared aspirations.
Last year, President Putin and I set the goal of elevating bilateral trade to US$100 billion by 2030. Since yesterday, we have held thorough discussions with President Putin. Based on what I have observed, however, I believe there is no need to wait until 2030 – this objective can be attained much sooner. We are making steadfast progress, and I am confident we can achieve it well ahead of schedule. I am certain of this. Work to reduce both tariff and non-tariff barriers is ongoing.
But the true driving force, friends, resides with business, with corporate leaders, with your innovative spirit, with your energy, and your ambitions. This is what will define our shared future.
Friends, the pace and the scope of transformations in India over the past 11 years are staggering and unprecedented. Guided by the principles of reform, transformation, and personal initiative, India is on track to become the world’s third-largest economy soon. Throughout the 11 years of reforms, we have progressed continuously. Our economy and prosperity are stronger than ever, and we are moving into the future with full confidence and with sufficient resources to achieve our goals.
We have adopted a number of measures, such as compliance reforms, to make doing business easier. New opportunities have opened up for the private sector, which created additional potential in this area.
We are opening new opportunities in the civilian nuclear sector.
What we are doing transcends administrative reforms; we are going through a reform of our way of thinking. Highly developed India is the only goal we have, and we stand united by this goal.
Friends,
You held an undeniably useful and meaningful forum yesterday and today, and you had very productive discussions. I take comfort in knowing that all areas of cooperation between Russia and India were represented at this event.
I am deeply grateful to all of you for your proposals and efforts. I would like to present some of my ideas and considerations designed to expand our cooperation.
The first covers logistics and connectivity. During our today’s talks, President Putin and I focused on ensuring the full potential of connectivity between our countries, whether through the North-South International Transport Corridor, the Northern Sea Route, or the Chennai-Vladivostok corridor. We are committed to advancing along all these tracks. We will achieve progress very soon and will cut transport time and lower prices and shipping costs. It will also open new markets for businesses.
The use of digital technologies can help us simplify customs procedures and regulations and create virtual trade corridors. This will speed up customs processing, reduce paperwork, and make the movement of goods more seamless.
The maritime sector is our second priority. Recently, Russia has expanded the list of dairy product exporters from India, for example, which has expanded the opportunities for exporters engaged in trade with India.
India is rich in seafood and a wide range of processed foods that enjoy high demand around the world. We can create joint ventures and promote technological cooperation to support maritime logistics, deep-sea fishing, and automation of fishing harbours. Doing so will not only help meet demand in Russia but also create a new market for Indian-made products.
The third priority is the automotive sector. India is a global leader in the production of affordable and cost-effective electric vehicles and other modes of transportation. Russia is an important producer of advanced materials. Together, in partnership, we can ensure highly efficient production of electric vehicles, automotive components, and various other mobility technologies.
Achieving this will not only meet our own needs but also contribute to the development of the Global South, particularly the African continent.
The fourth priority is the pharmaceutical industry. India supplies high-quality medicines at affordable prices worldwide. This is precisely why India is often referred to as the “pharmacy of the world.” Together, we can collaborate on the joint development of vaccines and cancer therapies and strengthen pharmaceutical supply chains. This will not only bolster our healthcare systems but also foster the growth of new industries.
The fifth priority is the textile industry. India possesses vast potential in the production of both natural and synthetic fabrics. Globally, we are recognised as leaders due to our advanced designs and manufacturing expertise. Russia is a key producer of polymer and synthetic materials. Together, we can establish a sustainable textile industry supply chain.
There are also further opportunities for cooperation in sectors such as fertilisers, cement production, and electronics.
Friends,
Population mobility plays a crucial role in strengthening cooperation across all sectors. Today, India is emerging as the global capital of skilled human resources.
Our country has the potential to meet global demands across all fields, including technology, engineering, healthcare, construction, and logistics. Given Russia’s demographic and economic priorities, this partnership could prove immensely beneficial for all participating nations. By providing opportunities for Indian citizens to learn the Russian language, we can cultivate a workforce that is proficient in Russian, thereby contributing to the prosperity of both our nations.
Friends,
Today, highly significant decisions have been agreed upon and adopted regarding tourist visas for citizens of both our countries. This will facilitate increased tourism flows between our nations, create new business opportunities, expand prospects for tour operators, and open up new employment opportunities.
Friends,
Together, India and Russia stand side by side in this new journey of joint production and creation. Our role is not limited to enhancing bilateral trade. We aim to ensure the well-being of all humanity, and to achieve this, we need long-term solutions to the existing global challenges. India is prepared to work shoulder to shoulder with Russia on this path.
I would like to say the following to all of you: produce in India, partner with India, and together, we can work for the benefit of the entire world. With these words, I would like to express my gratitude and appreciation to President Putin and to all of you.
Thank you very much.