Putin says Russia and India will boost their annual trade

Indian Prime Minister Narendra Modi on Friday hailed the relationship between New Delhi and Moscow after holding talks with Russian President Vladimir Putin.

Putin was in India for an annual summit, and both parties agreed to diversify mutual economic ties, as the United States presses India to revise its decades-old partnership with Russia.

The 23rd Russia-India Summit comes at a pivotal moment as the U.S. pushes for a Ukraine peace deal while seeking global cooperation. It will test New Delhi's efforts to balance relations with Moscow and Washington as the nearly four-year conflict in Ukraine grinds on.

After the talks, Putin and Modi announced that India and Russia have finalized an economic cooperation program until 2030, which will help diversify bilateral trade and boost annual trade to $100 billion by 2030. They also emphasized strong energy ties.

"Humanity has had to endure countless challenges and crises, and even in the midst all of these, India-Russia friendship has stood firm like a pole star,” Modi said.

While India has historically maintained deep ties with Russia, critics say Putin’s visit could strain relations with the European Union and the United States and might jeopardize negotiations for major trade agreements with both, which are seen as critical for India’s exports.