India–Russia Adopt 2030 Economic Plan to Boost Trade

India and Russia have agreed on a 2030 Economic Cooperation Programme to expand bilateral trade, investment, and industrial collaboration. The announcement followed talks between Prime Minister Narendra Modi and President Vladimir Putin in New Delhi, signalling renewed momentum in a partnership centred on energy, connectivity, defence-linked manufacturing, and financial cooperation.

A Long-Term Roadmap for Economic Diversification

The new framework is designed to broaden trade beyond traditional sectors and increase predictability for investors. Both sides discussed accelerating a proposed Free Trade Agreement to enhance market access. India confirmed active participation in the India–Russia Business Forum, which aims to promote joint production and technology-led collaboration between industries.

Focus on Energy, Connectivity, and Strategic Corridors

Key infrastructure initiatives — including the International North-South Transport Corridor, the Northern Sea Route, and the Chennai–Vladivostok maritime link — feature prominently in the plan. Leaders highlighted these corridors as pivotal for reshaping supply chains. Russia reaffirmed its role as a dependable supplier of oil, gas, and coal, while cooperation in civil nuclear energy will continue through projects such as Kudankulam.

Sectoral Cooperation and Financial Integration

Shipbuilding has been identified as a priority area due to its alignment with India’s manufacturing and employment goals. The two countries will also push joint urea production and strengthen work on critical minerals. Russia noted increased use of the rouble in major projects and both nations are moving towards settlement in national currencies to reduce transaction friction.

Exam Oriented Facts

• India and Russia adopted the 2030 Economic Cooperation Programme in December 2025.
• Priority sectors include energy, shipbuilding, fertilisers, and connectivity corridors.
• Bilateral trade reached about USD 64 billion last year.
• Discussions continue on a proposed India–Eurasian Economic Union FTA.

Diplomatic Warmth and Expansion of Consular Presence

PM Modi underscored cultural goodwill and announced the opening of two new Indian consulates in Russia to enhance mobility and services for citizens and businesses. Putin highlighted new agreements aimed at easing investment flows and reaffirmed Russia’s readiness to continue energy supplies. Both leaders emphasised that the 2030 roadmap will guide efforts to remove trade barriers and sustain high economic engagement in the coming years.