Moscow/New Delhi: Russia expects Narendra Modi to visit in the near future, as India and Russia intensify efforts toward de-dollarisation and scale up economic cooperation to meet an ambitious $100 billion bilateral trade target by 2030.
Speaking at a conference in Moscow, Sergey Lavrov said preparations are underway for Modi’s visit, accentuating the strength of ties between the two countries, which he described as being based on equality and mutual respect.
Lavrov highlighted a significant shift in trade practices, noting that about 96 percent of the current $68.7 billion bilateral trade is now conducted in national currencies, the Indian rupee and the Russian ruble. The move reflects a broader push toward de-dollarisation as both countries seek to insulate trade from global financial disruptions and geopolitical pressures.
India’s External Affairs Minister S. Jaishankar, addressing the event virtually, reaffirmed New Delhi’s commitment to expanding economic engagement with Moscow. He said both sides are working toward the $100 billion target through initiatives including a proposed Eurasian free trade agreement, increased mobility of skilled professionals, and deeper sectoral cooperation.
Jaishankar also pointed to ongoing collaboration in nuclear energy, with India aiming to significantly expand its nuclear power capacity by 2047, an area where Russia remains a key partner.
Both ministers emphasized continued coordination in multilateral platforms such as BRICS, Shanghai Cooperation Organisation, and the United Nations, particularly amid rising global tensions.
They also highlighted growing people-to-people ties, citing cultural exchanges, yoga outreach, and plans to expand consular presence as indicators of a broadening relationship.
The expected visit by Modi is likely to further consolidate the strategic partnership, with de-dollarisation and trade expansion emerging as central pillars of India-Russia engagement in a shifting global order.
Share this content: