New Delhi — In the biggest improvement to the bilateral relationship, Narendra Modi and Vladimir Putin on Friday unveiled the comprehensive plan of economic cooperation which aims to boost trade between Russia and India to 100 billion dollars before 2030. The agreement, signed during the Russian state visit to India that launched the strategy “Programme 2030,” marking the beginning of a new era of cooperation across various sectors, including defense, energy, infrastructure and trade.

In the joint statement the roadmap is envisioned to expand beyond the traditional industries, including new agreements that cover fertilisers and medical sciences, food safety maritime logistics, as well as skilled labour mobility.

Energy security and the protection of resources remain at the heart of the agreement. Russia has pledged “uninterrupted” fuel supplies to aid India’s increasing needs and both nations pledged to enhancing cooperation in the field of civil nuclear energy as well as critical minerals vital for manufacturing and clean-energy goals.

The leaders also spoke about efforts to achieve financial integration. India and Russia intend to ease bilateral trade with national currencies as well as explore improvements to payment systems that reduce dependence on foreign currencies.

In his remarks the Prime Minister Modi described the relationship between India and Russia as the role of a “guiding star,” stressing that the new framework for cooperation does not only aim to boost trade volumes, but also ensure that trade remains “balanced and sustainable.”

The agreements reached during the summit span a vast range of industries that range from trade and infrastructure to energy and labor mobility — which is a sign of the strategic effort to increase and diversify the relations between India and Russia.