One down, one to go. Prime Minister Narendra Modi met Russian President Vladimir Putin Friday afternoon – a 45-minute sit-down at Delhi’s Bharat Mandapam, the venue for this weekend’s BRICS summit. On Saturday evening – at close on Day 1 of the summit – Modi is due to meet Chinese President Xi Jinping.

There will be other meetings too. Several of them, in fact. Reports indicate the Prime Minister, starting from 10 am, will meet the leaders of Ethiopia, Malaysia, Abu Dhabi, and Vietnam. But the bilateral with Xi is arguably the most important.

Meetings between an Indian prime minister and a Chinese president are infrequent, at best, and come with layers and decades of geopolitical, economic, and military tension to unpack. That’s no different this time, on Xi’s first visit in seven years.

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What will be different is a trade deficit that has ballooned since 2019 – from roughly $11 billion in China’s favour then to over $112 billion now, still in its favour. A chunk of the Modi-Xi talks will certainly focus on that.

Indeed, sources told the Express a ‘strategic economic dialogue’ will address this and related issues, including Indian companies’ access to Chinese markets. The two are also expected to review recent talks in Beijing on the contentious border issue.

Modi-Putin bilateral

In their meeting Modi and Putin discussed defence and energy ties, and the push to lift bilateral trade to the $100 billion-by-2030 target. Putin offered insight into that meeting at a BRICS event that evening; Russia and its partners, he said, are ‘ready to contribute to world energy and food security’ and to building ‘reliable logistics routes, like the Arctic Transport Corridor’.

His remarks – specifically ‘reliable logistics routes’ – were seen as a reminder the United States’ war on Iran, a BRICS member-country, remains resolved and the consequent partial closure of the strategic Strait of Hormuz has disrupted supply chains, sent fuel prices soaring, and triggered cost-of-living crises worldwide.

Defence deepens

India and Russia reviewed defence files, including possible upgrades to the BrahMos missile system, remaining S-400 deliveries, and a potential Su-57 fighter supply, signalling Moscow’s continued role as Delhi’s top defence partner.

Energy anchor

Both sides expanded civil nuclear cooperation, discussing additional reactors and broader collaboration in the nuclear fuel cycle and life-cycle support, while sustaining discounted Russian oil flows that underpin India’s energy security.

Trade push

The leaders reaffirmed the target of lifting bilateral trade to $100 billion by 2030, focusing on industrial cooperation, rail, steel, and improving market access for Indian products in Russia.

War context

Modi and Putin shared perspectives on conflicts in West Asia and the Black Sea region, with India raising the safety of Indian seafarers and the impact on maritime trade and sea lanes.

BRICS leverage

As 2026 chair, India is pushing BRICS toward practical cooperation on trade, finance, energy, critical minerals, and supply chains, rather than an anti-West posture, and seeks Russian backing for that agenda.

Xi returns

Saturday’s Modi–Xi bilateral is the first in India in seven years, marking a high-symbolism test of whether the cautious thaw since Kazan can move beyond border disengagement to broader stabilisation.

Border first

The two sides are expected to review recent boundary talks between NSA Ajit Doval and Chinese Foreign Minister Wang Yi in Beijing, and endorse advancing discussions on an 'early and substantial harvest' of boundary delimitation and border management.

Trade imbalance

India will press on the record bilateral trade (about $127.7 billion in FY 2024–25) and the swelling deficit (around $112 billion), seeking fair market access for Indian pharmaceuticals, IT, and agriculture, and more balanced commerce.

Strategic autonomy

The Putin–Xi sequence in 24 hours showcases India’s balancing act: deepening ties with Moscow, testing a fragile reset with Beijing, and refusing to be boxed into either a Western or Sino–Russian camp.

Why it matters

Together, these meetings define how India uses BRICS: to lock in defence and energy security with Russia, nudge China toward border stability and fairer trade, and project Delhi as an indispensable, independent pole in a fragmenting order.