From economic cooperation to 'uninterrupted' Russian fuel: Key announcements amid Putin's India visit

PM Modi with Russian President Vladimir Putin.

Amid his two-day visit, Russian President Vladimir Putin and Prime Minister Narendra Modi held bilateral talks during the 23rd India-Russia annual summit on Friday.

Following the talks, an ambitious Economic Cooperation Programme aimed at expanding bilateral trade and investment till 2030 was unveiled. The announcement highlights the deep-rooted partnership between the two countries, which has endured global challenges over the decades.

Also Read: Vladimir Putin in India Live Updates

Key announcements during Putin visit:

The two leaders witnessed the signing and exchange of multiple agreements across sectors including fuel, trade agreement, fertilisers, health, visas and maritime logistics. Here are some key announcements in various sectors:

- Foreign Trade Agreement: During the joint statement, PM Modi said that both of us have signed a Vision 2030 document to further boost economic cooperation. "Both countries are also taking new steps to realise an FTA with the Eurasian Economic Union," PM Modi said.

PM Modi also said that India and Russia are poised to surpass the $100-billion bilateral trade target well before 2030, driven by deepening trust, structural reforms and expanding opportunities across defence, space, tech and new-age sectors.

- Fuel supplies: Russia assured India of uninterrupted fuel shipments. President Putin said, “We are ready to continue uninterrupted shipments of fuel for the growing Indian economy.”

- Tourist Visas: PM Narendra Modi said, "This year in October, millions of devotees received the blessings of Lord Buddha’s sacred relics at the International Buddhist Forum in Kalmykia. I’m pleased that we will soon be launching a free 30-day e-tourist visa and a 30-day Group Tourist Visa for Russian citizens.” Agreements were signed to facilitate migration and mobility between the countries.

- Health Sector: Both the countries signed MoUs to foster collaboration in medical sciences and healthcare.

- International logistic routes: Russian President Putin highlighted that Russia is working with India to build new international logistics routes, and suggested cooperation in constructing small modular nuclear reactors and floating nuclear power plants.

- Industrial cooperation: Indian companies signed a deal with Russia’s URALCHEM to establish a urea plant in Russia.

- Food safety and consumer protection: Agreements involved India’s FSSAI and Russia’s consumer protection body.

- Maritime logistics: No mega defence deals were announced, but there were agreements signed on shipbuilding, investments in civil nuclear energy and critical minerals. India and Russia inked an MoU to strengthen collaboration in maritime logistics.

- Fisheries: Russian side expressed readiness to take products from India, including fish and fishery products, meat and meat products, and showed interest in developing the trout market through a joint technical project that could lead to joint ventures. Minister of Fisheries, Animal Husbandry & Dairying emphasized that India exported fish and fishery products worth $7.45 billion in 2024-25, including $127 million to Russia. He underlined the potential to diversify exports to Russia with products such as shrimp, prawns, mackerel, sardines, tuna, crab, squid, and cuttlefish.