Modi, Putin Target $100 Billion Trade by 2030 as Leaders Push Deeper India-Russia Cooperation

Modi, Putin Target $100 Billion Trade by 2030 as Leaders Push Deeper India-Russia Cooperation

Prime Minister Narendra Modi and Russian President Vladimir Putin have directed their governments to deepen cooperation, with India and Russia aiming to raise bilateral trade to $100 billion by 2030, Indian Ambassador to Russia Vinay Kumar said in an interview with Russian news agency TASS published on Saturday, October 24.

Kumar said the two leaders discussed the full range of bilateral relations on the sidelines of the BRICS summit in New Delhi on September 12-13. "One of the concrete results of the cooperation was the joint participation of the leaders of our countries in the BRICS business summit, as well as a visit to the Innoprom-India exhibition — the first Russian industrial exhibition held in New Delhi," he told TASS.

The envoy said the leaders had instructed ministries and agencies to further develop cooperation, including in trade and commerce, and that the two countries were also targeting two-way investment of $50 billion by 2030. On labour cooperation, Kumar said India aimed to supply Russia with the skilled workers it needs. Indians already account for 25 to 30 per cent of Russia's quota for foreign workers, he said, noting that India's population of nearly 1.5 billion — with an average workforce age of just 29 — is set to become a global centre for skilled personnel. New Delhi has also proposed that Russia set up educational institutions in India, or work with existing ones, to train workers for Russian industry.

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