Dr. Rajorshi Roy, Associate Fellow, MP-IDSA, made a presentation on Prime Minister Modi’s Visit to Russia: Key Takeaways” at the Monday Morning Meeting held on 22 July 2024. The session was moderated by Ms. Anandita Bhada, Research Analyst, MP-IDSA. The Director General, Ambassador Sujan R. Chinoy and other IDSA scholars participated in the discussion.

Executive Summary

The meeting focussed on Prime Minister Narendra Modi’s recent visit to Russia, his first since the COVID-19 pandemic and the onset of the Russia’s military operation in Ukraine. The visit highlighted the relevance of India-Russia relations amidst shifting global dynamics. The economic agenda was a central focus, with nine economic agreements signed and plans to achieve US$100 billion in bilateral trade by 2030. PM Modi’s visit highlighted India’s strategic autonomy and its ability to balance relations with major global powers. The oil trade between the two countries has been particularly beneficial for India while helping stabilise global energy markets.

Detailed Report

Ms. Anandita Bhada initiated the discussion by highlighting various aspects of the visit including the scope of some of the agreements signed between India and Russia.

Dr. Rajorshi Roy informed the audience about Prime Minister Narendra Modi’s first visit to Russia since the COVID-19 pandemic and the onset of the Russian military operation in Ukraine. This visit highlighted the relevance of India-Russia relations amidst shifting global dynamics. One of the most significant outcomes of the visit was the ambitious target set by both nations to achieve US$100 billion in bilateral trade by 2030. The economic agenda was a central focus, with nine agreements signed. The Joint Statement outlined the commitment to unlock their economic potential through Free Trade Agreements (FTAs), Bilateral Investment Treaties (BITs), Unified Payments Interface (UPI), and energy initiatives. Plans were also made to open two new consulates in Kazan and Yekaterinburg and introduce e-visas in four days, reflecting a strong commitment to enhance connectivity and people-to-people linkages. In addition to these, joint Research & Development (R&D) and expanded military exchanges in the defence sector were discussed, signalling a deepening of strategic ties.

Dr. Roy highlighted Russia’s grand strategy of actively seeking new global partners, particularly the Global South, to withstand Western pressure. Dr. Roy also informed the audience how the visit highlighted India’s strategic autonomy and its ability to balance relations with major global powers. The strengthening of India-Russia ties is seen as a way to reinforce India ’s strategic autonomy. The oil trade between the two countries has been particularly beneficial for India while also helping stabilise global energy markets. Challenges remain, such as trade imbalance, the payment mechanism and the overhang of Western sanctions. The “Make in India” initiative and the cost of a drift in India-Russia partnership were also discussed, emphasising the need for adding more pillars to the bilateral relationship.

According to Dr. Roy, Prime Minister Modi’s visit to Russia was both symbolic and strategically significant. The discussions and agreements have set a solid foundation for navigating ties onto the future.

Questions and Comments

The presentation was followed by comments from Ambassador Sujan R. Chinoy. He stated how Prime Minister Modi’s visit was extraordinary, highlighting India’s vision for autonomy amid global tensions. Trump’s critique of Biden’s handling of international affairs underscores the complexity of the situation, wherein the former is suggesting that the U.S. should engage with Russia. Putin’s determination in the Ukraine conflict hints at a prolonged war. Although India’s role as a mediator seems ambitious, given the proxy nature of the war, its diplomatic efforts remain notable. This was followed by a lively Q&A session.

Report was prepared by Mr. Tatsat Pati, Intern, Europe and Eurasia Centre, MP-IDSA.