India-Russia Ink 2030 Economic Plan, Eye National Currency Trade

• India and Russia agreed on the 'India-Russia 2030 Economic Cooperation Program' to boost investment, infrastructure, and industrial development.
• Cooperation will strengthen in energy, mining, transport, chemicals, shipbuilding, and nuclear energy, with progress on joint urea production.
• Discussions included an early Free Trade Agreement and development of transport corridors like INSTC and Chennai-Vladivostok.
• Both nations are implementing a trade settlement system in national currencies to reduce costs and stabilize bilateral trade.
• Bilateral trade increased by 12% last year to $64 billion, with Russia remaining a reliable supplier of gas, oil, and coal to India.

Why It Matters: India-Russia deals deepen economic ties, promoting trade in national currencies.