Modi-Putin Talks Focus on Trade and Strategic Ties

New Delhi: Prime Minister Narendra Modi and Russian President Vladimir Putin held 45-minute bilateral talks in New Delhi on Friday, with the two sides focusing on expanding economic and strategic ties and working towards a target of taking bilateral trade to $100 billion by 2030.

The two leaders are said to have reviewed ways to enhance industrial cooperation and create new business-to-business opportunities between companies from India and Russia. Other areas on the agenda included expanding Indian exports and improving access for Indian products to the Russian market, strengthening cooperation in defence, energy and critical minerals, and deepening collaboration in civil nuclear energy.

Defence cooperation was also expected to feature prominently in the discussions. Russia has indicated that the two sides are looking at possible upgrades to the BrahMos missile system, while discussions have also covered the remaining deliveries of S-400 air defence systems and the possible supply of Su-57 fighter aircraft.

The two countries are also looking at expanding cooperation in the energy sector, including civil nuclear power. Discussions are expected to cover India's plans for additional nuclear reactors as well as broader cooperation in the nuclear fuel cycle and life-cycle support.

The two leaders also discussed increasing the mobility of Indian skilled workers to Russia and expanding cooperation in critical minerals, as both countries seek to broaden their economic engagement beyond traditional areas of trade and defence.

Later, both leaders left in the same car to participate in the BRICS Business Session, where the focus was expected to include the digital economy, MSMEs, entrepreneurship and other areas of economic cooperation. Union Commerce Minister Piyush Goyal gave the inaugural address highlighting the possible areas of cooperation.

Meanwhile, BRICS finance ministers and central bank governors, who met in Mumbai on September 9 and 10, called for greater representation of emerging-market and developing economies in the IMF and World Bank. They also criticised unilateral trade and financial measures and called for stronger financial cooperation among BRICS members amid growing geopolitical and economic fragmentation.

In a joint statement issued after the meeting, the finance ministers and central bank governors backed greater use of local currencies for trade and investment and pushed ahead with work on cross-border payment systems.

The global economy, they said, faced heightened risks from geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, debt and financial vulnerabilities.

“We continue to have serious concerns about the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules,” BRICS members said without naming any country.

They said such pressures weighed most heavily on emerging markets and developing economies and reaffirmed their support for an “open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core”.

These remarks assume significance against the backdrop of the aggressive tariff policies pursued by the United States under President Donald Trump. On April 2, 2025, Trump announced a sweeping package of reciprocal tariffs, a move he termed “Liberation Day”, affecting a large number of trading partners, including India, China and Brazil.

However, the legal position subsequently changed significantly. On February 20, 2026, the US Supreme Court ruled that the International Emergency Economic Powers Act did not authorise the President to impose tariffs, effectively invalidating the IEEPA-based tariffs imposed by the Trump administration.

The administration subsequently shifted to other legal authorities to maintain its tariff regime. A temporary 10 per cent global tariff imposed under Section 122 of the US Trade Act of 1974 took effect on February 24, 2026, and expired on July 24 after reaching its statutory limit.

From July 24, the US imposed a new 10 per cent tariff on most Indian exports under a Section 301 action related to forced labour. India had earlier faced the prospect of a 12.5 per cent rate under the investigation, but the final rate was set at 10 per cent.

The continuing uncertainty over US tariff policy has added to concerns about fragmentation of global trade and explains the emphasis placed by BRICS members on a rules-based multilateral trading system.

The BRICS grouping also renewed its call for reform of the Bretton Woods institutions, saying their governance structures should reflect the transformation of the global economy since the institutions were established.

The bloc called for a greater voice and representation for emerging-market and developing economies in the IMF and World Bank, including through changes to quota and voting shares.

BRICS also urged the IMF to bring into effect without further delay the quota increases agreed under its 16th General Review of Quotas and called for approaches to “meaningful quota realignment” to be developed at the earliest under the 17th review.

The group said any new quota formula should protect the shares of the poorest members and that voluntary financial contributions should not influence quota allocation, governance representation or voting power.

It also called for a merit-based, inclusive and transparent process for selecting the leadership of the IMF and World Bank, with greater regional diversity and representation from developing economies.

ABOUT THE AUTHOR

Gowri V

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A Journey of Three Decades Time passes faster than we realise. What feels like a journey that began only yesterday has today grown into more than three decades of a meaningful and fulfilling life devoted to education, journalism, and the empowerment of young minds. My professional journey began with journalism training in New Delhi in 1979. I went on to work as an independent journalist, drawing on my fluency in both English and Telugu. Over the years, I have edited and worked on Telugu articles in both languages, an experience that strengthened my command of language and sharpened my understanding of society, people, and contemporary issues. Yet, my principal profession and enduring passion have always been teaching. My decision to become a teacher was not merely a career choice—it was a calling. Teaching offered me the rare privilege of inspiring young minds, guiding them through their formative years, and making a lasting difference in their lives. I found immense satisfaction in simplifying complex concepts, nurturing curiosity, encouraging independent thought, and building confidence among students. Every moment in the classroom—every question, every moment of discovery, and every spark of understanding—reminded me why I had chosen this path: to empower young people through knowledge, values, and essential life skills. My teaching career began at the grassroots level as a Montessori teacher and gradually progressed to the position of Vice Principal. I had the opportunity to work in reputed educational institutions, including Dilsukhnagar Public School in Hyderabad, where I shouldered both teaching and administrative responsibilities. Although I have always considered myself, at heart, a teacher, my administrative experience enabled me to understand and contribute to the education system from a much broader perspective. For my students, I have always tried to be an approachable and dependable presence—someone they could turn to not only for academic support, but also for guidance and emotional encouragement. At the same time, I developed a reputation as a firm disciplinarian who believed that integrity, fairness, responsibility, and discipline were fundamental to education. I was also consistently appreciated for maintaining clear communication with parents and staff and for ensuring that examinations and other academic processes were conducted with transparency, fairness, and efficiency. As my career progressed, however, I began to feel that academic education alone was not enough. This realization led me to work more closely with students following the SSC and CBSE curricula, while consciously bringing life-skills education into my teaching. I came to understand that education becomes truly meaningful when it prepares children not merely to pass examinations, but to face life. Teaching emotional resilience, self-reliance, social awareness, communication, decision-making, and other practical life skills often had a deeper and more lasting impact than academic achievement alone. I saw how these skills could help students navigate challenges with greater confidence, maturity, and responsibility. My academic background provided a strong foundation for this approach. My degree in Psychology from the University of Madras helped me develop a deeper understanding of young people's minds, their emotional needs, and the influence of their family and social environments. My M.A. in Telugu with First Class from Osmania University.

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