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Balancing US strategic reset with ongoing Russia energy and defense ties
On December 5, 2025, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi met in New Delhi for the 23rd India–Russia Annual Summit. They unveiled a 'Programme for Economic Cooperation' through 2030 targeting $100 billion in annual trade and diversification beyond oil and arms, including joint weapons production, a urea plant, agriculture, health, shipping, and labor mobility. The agreement includes a free trade pact with the Eurasian Economic Union despite looming US sanctions.
Updated May 9
Strikes US trade deal cutting tariffs to 18%, supporting rupee stability and RBI's pause
In 2025, under Governor Sanjay Malhotra, the RBI cut its repo rate by a cumulative 125 basis points—from 6.50% in February to 5.25% on December 5. It was the sharpest easing since 2019. The cuts came with $16 billion in liquidity injections via bond purchases and a dollar-rupee swap, which Malhotra called a rare Goldilocks period of sub-target inflation and strong growth.
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