Prime Minister Narendra Modi and Russian President Vladimir Putin are set to hold bilateral talks in New Delhi on Friday, with plans to significantly expand India-Russia economic ties expected to dominate the discussions. A key focus is likely to be the ambitious target of increasing bilateral trade to $100 billion by 2030.
The meeting comes during Putin’s visit to India for the 18th BRICS Summit. The two leaders are expected to review ongoing economic cooperation and explore new areas that can strengthen trade and investment between the two countries.
According to sources, India is seeking greater access to the Russian market for its products, while also encouraging higher Russian investment in India. The recently held INNOPROM India 2026 industrial exhibition in New Delhi is expected to provide a platform for expanding business-to-business cooperation.
Railways, infrastructure and steel are likely to be among the major areas discussed. India and Russia have been exploring cooperation in railway infrastructure, including Vande Bharat-related projects and signalling technology. The two sides are also looking at opportunities in tunnelling, mining, aluminium and industrial equipment.
The steel sector is emerging as another important area for collaboration. Discussions have included raw materials, metallurgical technology, speciality steel, research and development and advanced steel production. Both countries also held a dedicated session on the steel value chain during INNOPROM India.
Civil nuclear cooperation is expected to receive considerable attention as well. India and Russia are looking at expanding collaboration across the nuclear fuel cycle, while increasing localisation and industrial participation in nuclear projects.
Critical minerals and rare earth elements are another emerging priority. India wants to diversify supplies of minerals essential for strategic and high-technology industries. Cooperation could include minerals such as lithium, titanium and rare earth elements.
The two countries are also expected to discuss the movement of skilled Indian workers to Russia. Fertiliser supplies will be another key issue, given Russia's importance as a major supplier to India. Russia supplied around six million tonnes of mineral fertilisers to India last year, while shipments reportedly rose by 20% during the first half of 2026 compared with the same period in 2025.
India is also encouraging Russian companies to explore joint-venture projects and manufacturing opportunities in the country.
The Modi-Putin meeting reflects New Delhi's broader effort to expand economic relations with Moscow beyond traditional sectors such as defence and energy. Pharmaceuticals, automobile components and food products are among the areas where India sees significant potential for increasing exports to Russia.
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