India, Russia to boost bilateral trade to $100 billion by 2030

India and Russia aim to boost trade to $100 billion by 2030, using national currencies and discussing military discharges.

India and Russia agreed to increase bilateral trade to $100 billion dollars by 2030, including the use of national currencies to circumvent Western sanctions, as Prime Minister Narendra Modi and Russian President Vladimir Putin sat down for the 22nd Annual Summit here on Tuesday. This was their first meeting since the war in Ukraine began two years ago, and Mr. Modi made a “pained” plea for an end to civilian deaths and the conflict. 

In addition, sources said Mr. Putin accepted a direct request from Mr. Modi to expedite the discharge of all Indians who have been recruited by the Russian military, many of whom are now at the war front, where four Indians have been killed this year. However, the assurance did not find a mention in the joint statement, and Foreign Secretary Vinay Kwatra said that the decision to speed up military discharges for approximately 40 men still at the war front would be “worked through the processes” through diplomatic discussions.

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The meeting came under attack from Kyiv where Ukrainian President called Mr. Modi’s warm embrace of Mr. Putin a “devastating loss” to the peace process, on a day when Ukraine accused Russia of missile strikes, including on a children’s hospital, and from Washington where the U.S. State Department raised “concerns” over India’s ties with Russia.

In comments at the beginning of the summit in Moscow, Mr. Modi addressed some of those concerns by saying that he felt “pained” by the loss of civilian lives especially “innocent children”, which he said made his heart “explode”. 

”Whether it is war, conflict or a terrorist attack, any person who believes in humanity, is pained when there is loss of lives, especially when innocent children die,” Mr. Modi said, without directly referencing Monday’s missile attacks. He also said that he believed that “no solution to the Ukraine conflict could be found on the battlefield”, adding that he left Moscow “with hope” after his talks with Mr. Putin.

In response, Mr. Putin said he “appreciated” Mr. Modi’s efforts to find a peaceful solution to the conflict, but gave no assurances.