India, Russia Seal Five-Year Plan To Boost Trade As Modi Urges Dialogue On Ukraine

India and Russia on Friday set out a new five-year plan to reinforce their economic and trade partnership, with Prime Minister Narendra Modi telling President Vladimir Putin that the war in Ukraine must be resolved through dialogue and a durable peace process.

According to PTI, the two leaders met in Moscow for summit talks that aimed to give fresh direction to a relationship stretching back more than eight decades. Beyond finalising the 2030 economic programme, both sides signed agreements across health, mobility and people-to-people exchanges, signalling an attempt to widen cooperation despite Washington’s sanctions and tariff regime.

Modi, in his public remarks, said the economic roadmap reflected a “common priority” to take the India–Russia partnership to “new heights”, adding that New Delhi and Moscow were working towards an early conclusion of a free trade agreement with the Eurasian Economic Union. PTI reported that the prime minister described the friendship between the two countries as having remained “steadfast like a pole star” through periods of global instability.

The conflict in Ukraine figured prominently in the discussions. Modi said India had consistently advocated peace and supported all efforts aimed at a “peaceful and lasting resolution”. “India has always been ready to contribute its part and will remain so in the future,” he said.

Putin, for his part, said both sides would prioritise cooperation in security, economy, trade and culture. He noted Russia’s intention to raise bilateral trade to USD 100 billion and expand work in the energy sector, including “uninterrupted shipments of fuel” to India. He also pointed to potential collaboration on small modular nuclear reactors and floating nuclear power plants.

On counter-terrorism, Modi said India and Russia had long stood “shoulder-to-shoulder” against the threat, drawing links between attacks such as Pahalgam and the assault on Crocus City Hall. “The root of all these incidents is the same,” he said. “India's unwavering belief is that terrorism is a direct assault on the values of humanity and that global unity against it is our greatest strength.”

Modi also underlined the importance of cooperation on critical minerals in ensuring secure and diversified global supply chains. Reported PTI, Russian officials echoed the broader geopolitical sentiment, noting that India, Russia and other like-minded states were working towards what they described as a more “just and multipolar world.”

(With inputs from PTI)