BRICS 2026: PM Modi sits down with Putin, talks $100 bn trade by 2030; Plan to deepen defence, energy, nuclear ties

India and Russia have struck a deal to increase bilateral trade to $100 billion by 2030, according to reports. Prime Minister Narendra Modi and President Vladimir Putin met for their second summit in under two weeks to discuss various aspects of their partnership. The two leaders touched upon expanding industrial collaboration, including in manufacturing, railways, nuclear energy, and critical minerals.

They also examined defense and energy cooperation and discussed strategies to boost the Make in India initiative and reduce the trade gap.

During the meeting, Russia presented the Su-57 fighter jet to India along with technology transfer and local production possibilities under the Make in India initiative. Additionally, Moscow proposed long-range missiles, drones, and anti-drone technology. Russia is also considering signing a memorandum of understanding with India to secure critical minerals and rare earths, which could aid in the development of green energy industries such as electric vehicles and semiconductors.

The leaders discussed strengthening civil nuclear cooperation, including fuel cycle and life cycle support. They are exploring the possibility of setting up small and modular reactors (SMRs) and a second site for Russian-built nuclear power plants. Both countries have shown interest in joint energy projects, and India remains Russia's largest supplier of crude oil.

The two nations also talked about expanding their defense cooperation, with the imminent delivery of the next batch of S-400 missile defense systems to India. Additionally, they exchanged views on India-Russia engagement in the multilateral sphere, particularly BRICS, and key regional and global issues of mutual interest, such as the conflicts in West Asia and the Black Sea region.

India and Russia are working towards a $50-billion bilateral investment target, and a new bilateral investment treaty is being fast-tracked to provide legal certainty for investors. Local currency settlement mechanisms are being strengthened to expedite trade transactions. Russian minister of industry and trade Anton Alikhanov highlighted efforts to sell Russian civilian planes to India, including the SJ-100 regional jet, and the joint production of Vande Bharat trains, which are indigenously developed semi-high-speed trainsets.