President of Russia Vladimir Putin: Mr Prime Minister, dear friend,
Ladies and gentlemen,
My sincere thanks to the President of the Republic of India, Droupadi Murmu, to you, Mr Prime Minister, and to all our Indian colleagues for the exceptionally warm and cordial welcome extended to the Russian delegation.
The discussions we have just concluded with our Indian colleagues, along with our highly productive one-on-one conversation last night – for which I thank you again, Mr Modi, for your generous hospitality – were held in a constructive and friendly spirit, reflecting the privileged partnership between Russia and India.
I would note that the Prime Minister and I have established a close working and personal rapport. We have met at the SCO summit in September, we maintain regular contact by telephone and personally oversee the development of our strategic cooperation across all key areas, as well as the progress of major bilateral projects.
Today, with the participation of our delegations, we conducted a thorough and comprehensive review of the entire spectrum of Russian-Indian cooperation. We also exchanged views on current international and regional issues.
The joint statement we have adopted outlines clear priorities for advancing our ties in politics, security, trade, the economy, and cultural and humanitarian affairs. As you have seen, this was complemented by the signing of a substantial package of intergovernmental, interdepartmental, and corporate agreements.
Many of these documents are aimed at expanding our economic partnership. This is only natural, as our nations are important partners in trade, investment, and technology. Last year, our bilateral trade grew by a further 12 percent, reaching a new record. While various estimates differ slightly, the consensus places the figure somewhere between US$64 and US$65 billion. We project trade will stand at a comparable level by year’s end.
That said, we believe there is clear potential to increase this volume to US$100 billion. To realise this ambitious goal, we have now agreed upon a joint Programme for the Development of Russian-Indian Economic Cooperation until 2030. This comprehensive roadmap provides clear guidelines. Our intergovernmental commission and the relevant economic ministries and agencies are tasked with removing barriers to the flows of goods and capital, implementing joint industrial projects, and deepening our collaboration in technology and investment.
Today, His Excellency the Prime Minister shared a comprehensive list of issues with us. It goes without saying that both Russia and India will be extremely diligent and responsive in reviewing them. Make no mistake, we will work on this matter.
Of course, having India create a free trade zone with the Eurasian Economic Union would help boost Russia-India business ties. The effort to draft an agreement to this effect is already in progress.
I must express my satisfaction with the fact that the two countries have been consistent in their commitment to switching to national currencies in mutual transactions. Their share in business deals has already reached 96 percent. Our two countries have developed resilient interbank channels for lending and financial transactions. Russian economic actors have been making wider use of the rupees they generate from export contracts. Major joint projects receive their funding in Russian rubles.
There has been positive momentum in our energy partnership. Russia is a reliable supplier of energy resources and everything India needs for developing its energy sector. We are ready to continue ensuring uninterrupted fuel supplies for the Indian economy to support its rapid expansion.
Of course, our bilateral energy cooperation goes far beyond this horizon. The flagship project to build India’s biggest NPP, Kudankulam, is underway. Two out of six reactors have been connected to the power grid, while the other four are in the engineering and construction stages.
Once this NPP reaches its full capacity, it will make a meaningful contribution to India’s energy mix, helping Indian companies and households access affordable and clean energy. We believe that building small modular reactors and floating NPPs could also be relevant, just as using nuclear technology for non-energy purposes, including in healthcare, agriculture and other sectors.
We are also working with our Indian partners to create new effective international transport logistics routes. This includes a project to create the North-South corridor linking Russia and Belarus to the Indian Ocean. Infrastructure development along the Trans-Arctic Transport Corridor, including the Northern Sea Route as its main artery, offers ample opportunities for expanding bilateral trade.
There are many other economic sectors in which Russia and India have built a positive track record. We are working on joint initiatives in manufacturing, machine building, digital technology, space exploration and other research-intensive domains.
For example, a business agreement that was signed as part of the visit provides for building a major Russian-Indian pharmaceutical plant in the Kaluga Region for producing high-quality anticancer medicine using cutting-edge Indian technology. At the same time, Russian companies will start producing their goods as part of the Make in India programme, which is Prime Minister Modi’s flagship project.
Prospects for strengthening interaction between Russian and Indian entrepreneurs and business communities are being discussed in detail at the business forum that is currently underway in New Delhi. Mr Prime Minister and I will attend its plenary session later today.
Russian-Indian humanitarian cooperation is ongoing in many spheres. Our peoples have been sincerely interested in each other’s traditions, history and spiritual values for centuries. Our scientific and educational contacts, as well as youth and public exchanges are actively developing. The regular cross festivals of Russian and Indian films invariably enjoy success. Mutual tourist flows grow every year.
The Russian RT channel will begin broadcasting to India today. This will certainly help the Indian audience learn more about Russia and Russians and acquire objective information about current developments in our country.
Our discussions on key global and regional issues have reaffirmed the similarity of our countries’ positions. Russia and India pursue an independent and sovereign foreign policy.
We are working together with our allies in BRICS, the SCO and other countries of the Global Majority to promote the shaping of a more just and democratic multipolar world order, and to protect the fundamental principles of international law enshrined in the UN Charter. These include the right of every country to its own path of development, the preservation of its own cultural and civilisational identity, respect for sovereignty and a delicate balance of interests of all members of the international community.
Russia and India, as the founding nations of BRICS, have done and continue to do a great deal to enhance the prestige of that organisation. As you know, India will assume the BRICS chairmanship next year. We will provide all-round assistance to our Indian friends in their work on the current BRICS agenda.
Of course, I would also like to say that Russia and India have traditionally worked closely together in the military-technical sphere. Our country has been assisting the modernisation of the Indian army, including the air defence, air force and navy, for over 50 years.
Overall, we are certainly satisfied with the results of our talks. Our plans include a meeting with President of India Droupadi Murmu. However, I can already express my confidence that this visit and the agreements reached will effectively promote the further strengthening of the Russian-Indian strategic partnership for the benefit of the people of India and Russia.
Thank you.