Russia, India target $100B in trade at record highs

Russian President Vladimir Putin said on Friday that Moscow and New Delhi are working to boost bilateral trade to $100 billion, as the bilateral trade turnover has hit records.

Speaking at a press conference in New Delhi following a meeting with Indian Prime Minister Narendra Modi, Putin said that last year, the trade turnover grew by another 12%, setting a new record.

"Different statistical figures slightly differ, but overall, it amounts to around $64-$65 billion. It is forecasted that the trading volume for this year will remain roughly at the same level. However, it appears feasible for us to bring this indicator to the mark of $100 billion," he said.

To achieve this goal, a program of Russian-Indian economic cooperation until 2030 has been coordinated, defining benchmarks for intergovernmental bodies to facilitate trade, advance joint projects, and strengthen technological and investment collaboration, he explained.

Moscow and New Delhi are also working on an agreement for a free trade zone between India and the Eurasian Economic Union, he said.

Amid Washington's 50% tariff on Indian imports, partly due to India's purchase of Russian oil amid the conflict in Ukraine, Putin said Moscow is ready to continue ensuring uninterrupted fuel supplies to India.

Meanwhile, Russia and India are consistently transitioning to national currencies in mutual payments to avoid the use of the dollar as a political tool, he added.

The share of the ruble and the rupee in bilateral payments has increased to 96%, Putin noted.