Speaking at the 14th VTB Investment Forum ‘Russia Calling,’ Russian President Vladimir Putin commended Prime Minister Narendra Modi, stating that the policy pursued by PM Modi serves as the primary guarantor for the strong ties between Russia and India. Putin expressed admiration for PM Modi’s resilience, asserting that he cannot be coerced into making decisions contrary to India’s national interests. The Russian President highlighted Modi’s robust stance in defending the country’s interests.
Putin emphasized the progressive development of bilateral relations between the two nations across various dimensions. Regarding the expansion of bilateral trade, he acknowledged the growing trade turnover between India and Russia, reaching $35 billion last year and showing significant growth in the first half of the current year. Putin recognized India’s preference for Russian energy resources and advocated for further opportunities to enhance economic cooperation beyond these aspects.
Addressing the global economic landscape, Putin pointed out that India ranks third in the world in terms of purchasing power parity and economic volume, emphasizing the need to strengthen trade ties with India, similar to the significant trade turnover with China. He also discussed plans to explore the North-South Corridor with Iranian President Ebrahim Raisi, noting India’s interest in such routes.
Putin called for the development of the Northern Sea Route, labeling it a promising logistics direction. Additionally, he urged the expansion of financial infrastructure and increased use of national currencies in mutual settlements. The Russian President underscored the importance of focusing on investments and investment flows.
Putin referenced the need to discuss the North-South Corridor with Iranian President Ebrahim Raisi and highlighted India’s interest in such routes. He stressed the importance of developing the Northern Sea Route, describing it as a “very promising direction in the field of logistics.”
Furthermore, Putin advocated for more attention to investments and investment flows while encouraging the use of national currencies in mutual settlements. He also expressed the necessity of discussing the North-South Corridor with Iranian President Ebrahim Raisi, highlighting India’s interest in such routes.
The Russian leader’s praise for India’s foreign policy echoed earlier sentiments expressed by Russian Foreign Minister Sergei Lavrov in November. Lavrov cited India’s Foreign Minister S Jaishankar, emphasizing the shift in global dynamics and multipolarity, recognizing that the world extends beyond Europe and the West. Jaishankar, in defense of India’s stance on purchasing Russian oil amid the conflict in Ukraine, had similarly highlighted the need for a broader perspective on global issues.