A refreshed roadmap: the five-year economic cooperation plan
At the heart of the summit was a strategy: a new “Economic Cooperation Programme” running until 2030. Its goal is to deepen and expand trade, investment and industrial cooperation between India and Russia. This builds on a relationship that has endured for years.
According to this strategy the two nations intend to increase their trade to USD 100 billion annually. At present trade is USD 64 billion.
A central aspect of the deal is the utilization of national currencies. Rupees and rubles. In fact 96 percent of trades currently occur in these currencies and the initiative aims to broaden the methods for settling Russian exports in rupees.
Apart from figures the strategy aims to render trade more “varied, equitable and sustainable.” This involves moving from the conventional control of a limited number of industries and fostering a wider more robust economic alliance.
By industry: What’s scheduled
The summit produced a package of accords. Encompassing not only trade but also energy, industry, transportation, essential minerals and additional areas.
🔋 Energy, Minerals and Nuclear Cooperation
Russia confirmed its position as a provider of oil, gas and coal. And pledged to maintain “uninterrupted fuel deliveries” to India regardless of worldwide uncertainties.
Both nations consented to collaborate on nuclear energy. Encompassing shared efforts on small modular reactors (SMRs) floating nuclear power stations and non-energy uses of atomic technology (such as, in medicine and agriculture).
Critical minerals have become a concern: vital, for clean energy, advanced manufacturing and modern industries. India and Russia are seeking cooperation to ensure supply chains for these minerals.
🏭 Manufacturing, “Make in India” & Industrial Collaboration
Russia committed to backing India’s Make, in India initiative. The strategy encompasses collaborations and domestic manufacturing. Spanning machine construction and production to tech and science-heavy sectors.
This creates opportunities for production, shared innovation and cooperative manufacturing. Potentially enhancing the international competitiveness of Indian industry and providing Russian companies access to Indian manufacturing capabilities.
🚢 Mobility, Employment and People-to-People Ties
An innovative concept: preparing sailors for polar sea conditions to enhance collaboration in the Arctic. This represents a goal to expand partnership, beyond conventional commerce. Extending into maritime, Arctic and navigational sectors.
The summit also brought together the India-Russia Business Forum again to promote production, increase exports, foster innovation and boost investment exchanges between companies from both countries.
🌐 Connectivity, Trade Agreements & Institutional Framework
Leaders reaffirmed their dedication to finalizing a free-trade agreement (FTA), between India and the Eurasian Economic Union. A significant regional bloc led by Russia. They are convinced this will enhance and speed up trade cooperation.
Discussions also included increasing investment flows, reducing trade obstacles and establishing an investment agreement all intended to offer a stable and appealing setting for enduring collaboration.
Why this matters — Strategic backdrop and global context
The timing and ambition of this effort reflect the intention of the two countries to deepen their partnership. Especially in the context of economic and geopolitical uncertainty. The world is witnessing shifting alliances, sanctions, trade conflicts and disruptions, in supply chains. In this environment India and Russia appear to be enhancing a cooperation that has persisted through years of challenges.
For India, this move strengthens energy security — ensuring stable supply of fuel, and access to critical minerals and nuclear-energy resources. Simultaneously, it supports India’s industrial ambitions under Make in India, potentially boosting manufacturing, jobs, exports
For Russia enhancing ties with India helps expand its export markets beyond Europe (which has contracted since the Ukraine war). It also supports Russia in reinforcing partnerships that counterbalance Western pressure and maintain its sway in Asia.
Viewed from one angle, this strengthened partnership between two countries—one rapidly growing (India) and the other exploring new market prospects (Russia)—sends an important signal regarding shifting global economic and strategic dynamics.
What was recently resolved in contrast, to what relies on events
India and Russia have a history of committing to close collaboration: they have maintained energy, defense, trade connections and occasional summits for a time. The novel aspect now is the establishment of a multi-sector cooperation plan extending through 2030. A framework more extensive than previous gradual agreements.
The range of fields. Spanning energy to maritime channels, critical minerals to Arctic navigation, manufacturing to shipping. Highlights a transition from limited strategic coordination, to an extensive economic, industrial and societal collaboration.
In brief: this updated strategy aims to shift the partnership from “depending on a limited number of industries” to establishing a varied robust forward-looking collaboration. Intended to withstand global uncertainties.
