India, Russia firm up 5-yr economic roadmap

 

 

 

INDIA and Russia on Friday firmed up a five-year plan to bolster economic and trade ties in the face of Washington’s punitive tariff and sanctions regime even as Prime Minister Narendra Modi conveyed to President Vladimir Putin that the war in Ukraine must be brought to an end through peaceful means. Following their summit talks that generated global attention, Modi and Putin demonstrated their keenness to impart a fresh momentum to the over eight-decades-old India-Russia friendship with the Prime Minister saying that it remained steadfast like a “pole star” notwithstanding geopolitical churn.

 

Besides finalising the 2030 economic programme, the two sides signed several agreements to expand cooperation in a number of sectors including health, mobility and migration, food safety, shipping and people-to-people exchange. The Russian President landed in New Delhi on Thursday evening to a red-carpet welcome with Modi personally receiving him at the airport and later hosting a private dinner for him that largely set the tone for the 23rd India-Russia annual summit. The visit has generated attention in the capitals of the Western nations as it has come amid their sustained efforts to hit Moscow economically including by cutting Russian crude oil supplies as part of initiatives to force it to end the war in Ukraine.

 

“The world has witnessed many ups and downs over the past eight decades. Humanity has faced numerous challenges and crises. And through all this, the India-Russia friendship has remained like a pole star,” Modi said in his media statement. “This relationship, built on mutual respect and deep trust, has always stood the test of time. Today, we discussed all aspects of cooperation to further strengthen this foundation. Taking economic cooperation to new heights is our shared priority,” he added. To achieve this, Modi said that the two sides agreed on an economic cooperation programme until 2030 and it will make bilateral trade and investment diversified, balanced, and sustainable. Modi also announced that India will soon introduce a free 30-day e-tourist visa and a 30-day group tourist visa for Russian citizens.

 

In his comments, Putin said both sides are looking at increasing the volume of annual trade to USD 100 billion from the present USD 64 billion and that Russia is a “reliable supplier of oil, gas, coal and everything that is required” to address India’s energy requirement. “Russia is ready to continue uninterrupted shipments of fuel for the fast-growing Indian economy.” India and Russia called for an “uncompromising” global fight against terrorism without “hidden agendas and double standards” with Prime Minister Narendra Modi asserting that the menace is a direct attack on the values of humanity. Modi and Putin condemned the terror attacks in Jammu and Kashmir’s Pahalgam and Moscow’s Crocus City Hall and strongly pitched for a “zero tolerance” policy on terrorism.