Russia Confident of Expanding Economic Ties With India, Targets USD 100 Billion Bilateral Trade

Emphasizing the steady expansion of economic ties, Putin noted that bilateral trade currently stands at approximately USD 58-60 billion and said both nations possess the necessary foundation to achieve significantly higher targets. He stated that Russia and India are committed to working more actively to reach more ambitious economic goals and deepen their strategic partnership.

The Russian President underscored the importance of energy cooperation, particularly in the civil nuclear sector, and pointed to Russia’s long-standing contribution to India’s nuclear power programme. Referring to the Kudankulam Nuclear Power Project in Tamil Nadu’s Tirunelveli district, Putin said the project remains a central pillar of bilateral cooperation. He noted that construction activities are continuing at the nuclear power facility as part of its ongoing expansion.

Putin also highlighted future opportunities in the hydrocarbons sector, stating that new platforms for cooperation would emerge and that both countries would continue working together to strengthen their partnership in the energy domain. He further stressed the significance of investment collaboration, describing current projects as among the largest foreign investments in the Indian economy. According to Putin, both nations are committed to increasing mutual investments and expanding economic engagement across multiple sectors.

The Russian President’s remarks come amid significant progress at the Kudankulam Nuclear Power Project. On May 2, the Atomic Energy Regulatory Board granted permission for the erection of major equipment at Units 5 and 6 of the facility. The Nuclear Power Corporation of India Limited described the approval as a landmark achievement for India’s nuclear energy programme and a decisive milestone in the country’s efforts to expand nuclear power generation capacity.

India’s civil nuclear cooperation with Russia continues to play a vital role in the nation’s long-term energy strategy. In March, External Affairs Minister S. Jaishankar described Russia as India’s foremost partner in civil nuclear energy and called the Kudankulam project a stellar example of successful bilateral cooperation. He stated that as India seeks to increase its nuclear energy generation capacity to 100 gigawatts by 2047, Russia is expected to remain a trusted and reliable partner in the peaceful use of nuclear energy.

The Kudankulam project also featured prominently during Putin’s visit to India in December last year. During the visit, the Russian President stated that two of the plant’s six reactor units had already been connected to the power grid, while the remaining four units were at various stages of construction. He emphasized that the project’s full operational capacity would make a substantial contribution to meeting India’s growing energy requirements.

Putin’s latest remarks reinforce the strategic depth of India-Russia relations and signal a renewed push toward stronger economic integration. With expanding cooperation in nuclear energy, hydrocarbons, trade, and investments, both nations appear determined to elevate their partnership to new heights while pursuing the ambitious target of USD 100 billion in bilateral trade.