Prime Minister Narendra Modi and Russian President Vladimir Putin held talks in New Delhi on Friday, with expanding economic ties and the ambitious target of taking India-Russia bilateral trade to $100 billion by 2030 expected to be key areas of discussion.
The meeting came as both countries look to broaden their economic partnership beyond traditional areas such as defence and energy. India is seeking greater Russian investment as well as improved access for Indian products in the Russian market.
Industrial cooperation was another major focus. The two sides are expected to explore opportunities in railways, tunnelling, infrastructure and steel. Recent discussions have included railway infrastructure, signalling equipment and cooperation linked to the Vande Bharat project.
The steel sector is also emerging as an important area for collaboration. Potential cooperation could cover raw materials, metallurgical technologies, speciality steel, research and development and advanced manufacturing technologies.
Civil nuclear cooperation was also expected to feature prominently in the talks. India and Russia are looking at deeper collaboration across the nuclear fuel cycle, including greater localisation and industrial participation in nuclear projects.
Critical minerals and rare earths have emerged as another promising area. India is seeking to diversify supplies of minerals essential for strategic and high-technology industries. Discussions between the two countries have included rare earths, lithium, titanium and other critical minerals.
The two sides are also examining cooperation on skilled workers and mobility, including greater movement of Indian skilled professionals to Russia.
Fertiliser supplies are likely to remain an important part of the economic relationship. Russia supplied around 6 million tonnes of mineral fertilisers to India last year, according to Russian officials. Supplies increased by about 20% during the first half of 2026 compared with the same period a year earlier. Russian companies are also exploring joint production facilities in India.
The talks followed the first INNOPROM India 2026 industrial exhibition in New Delhi, which brought together businesses from both countries and highlighted opportunities for greater industrial cooperation.
India is keen to increase exports of pharmaceuticals, auto components and food products to Russia. At the same time, New Delhi wants to attract more Russian investment into India.
The Modi-Putin meeting reflects efforts by both countries to build a broader and more diversified economic partnership, with the $100-billion trade target by 2030 providing a major benchmark for future cooperation.
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