July 8, 2024
Stronger Russia-India Ties to Benefit Peoples of Two Countries - Modi
"Landed in Moscow. Looking forward to further deepening the Special and Privileged Strategic Partnership between our nations, especially in futuristic areas of cooperation. Stronger ties between our nations will greatly benefit our people," Modi said on X.
Indian Prime Minister Narendra Modi is visiting Moscow on July 8-9 to co-chair the 22nd Russia-India Annual Summit with President Vladimir Putin. This is Modi’s first official visit after being sworn in for a third term as India's prime minister after elections in June.
The last time Putin welcomed Modi in Russia was in 2019, while in September 2022 the two leaders met at a Shanghai Cooperation Organization (SCO) summit in Uzbekistan. They have met 16 times since Modi assumed office. How have Russo-India relations evolved?
Despite the West calling upon India to join anti-Russia sanctions, trade turnover between the two leaped in 2023, reaching a record $65 billion and increasing 1.8 times compared to 2022. Russian exports reached $60.9 billion (+79.1 percent), supplies of Indian goods increased to $4.1 billion (+41.4 percent).
Russia is India's fourth-largest trading partner after the US, China and the UAE. Russia is India's second largest partner in terms of volume of imported products (after China).
India's crude oil imports from Russia have risen to 1.97 million barrels per day (mbpd) in June and constitute roughly 40 percent of the country's oil imports. It's the biggest buyer of Russia's seaborne crude despite the West's shipping sanctions against Moscow.
India and Russia cooperate closely in a vast variety of international platforms, including the UN, G20, BRICS and SCO. India's presidency of the G20 and SCO in 2023 saw increased communications between the countries' officials.
The two countries are continuing to enhance defense cooperation under the Agreement on the Program for Military Technical Cooperation for 2021-2031. Russia is India's largest arms supplier.
Ahead of his July 8-9 visit to Russia, Modi hailed the "special and privileged strategic partnership between India and Russia," in an official statement.
"Modi’s Russia visit showcases the importance of India-Russia ties for India, especially in energy and defense," as per the Indian press.