India won't be 'pushed around', signals non-alignment: Jefferies

A Jefferies report by Christopher Wood notes Vladimir Putin's visit signals India's non-alignment under PM Modi. It asserts India won't be 'pushed around' by other powers amid the ongoing Russia-Ukraine conflict, maintaining its independent stance.

Jefferies Report on India's Non-Aligned Stance

Russian President Vladimir Putin's recent state visit to India was an indication that the Indian government under Prime Minister Narendra Modi sent its message of non-alignment as the Russia-Ukraine conflict continues, Christopher Wood, Jefferies' Global Head of Equity Strategy, has noted in a report.

Wood, in his popular weekly report 'GREED & fear', asserted that India is not going to allow itself to be pushed around "serving the imperial interests of other powers." "Putin's visit does not mean that Delhi is on Russia's side. What it does mean is that the Modi Government is sending the message that it maintains its non-aligned status and is not going to allow itself to be pushed around serving the imperial interests of other powers," the India-focused portion of the long report read.

Report's View on Putin and Ukraine Conflict

Referring to what it termed the "continuing depiction in the Western media of Russian President Vladimir Putin as an Austin Powers 'Dr Evil' figure", Wood argued that it contrasted with his official visit to Delhi on December 4-5. GREED & fear was interested to see he was interviewed at the Kremlin ahead of the trip by Indian journalists, an occasion which allowed him to give his view on the "special military operation", Wood supplemented.

"That is of course that the conflict originated in what Russia regards as the Maidan coup back in February 2014," he added, apparently referring to the coup in Ukraine in 2013-14. During Putin's visit, the Prime Minister reiterated India's longstanding position on the ongoing conflict, emphasising India's interest in seeing the earliest possible cessation of hostilities and a sustainable resolution of the conflict through dialogue and diplomacy. India stands ready to provide any assistance required and to play an appropriate role.

Details of the 23rd India-Russia Annual Summit

At the invitation of Prime Minister Narendra Modi, President Vladimir Putin, paid a visit to India on December 04-05, 2025, for the 23rd India-Russia Annual Summit.

Joint Statement Reaffirms Strategic Partnership

As per the joint statement, the leaders reaffirmed their support for further strengthening of the Special and Privileged Strategic Partnership between India and Russia. This year marks the 25th anniversary of the Declaration on Strategic Partnership between India and Russia, established during the first state visit of President Vladimir Putin to India in October 2000.

"The Leaders emphasised the special nature of this long-standing and time-tested relationship, which is characterised by mutual trust, respect for each other's core national interests and strategic convergence. They underscored that, as major powers with shared responsibilities, this important relationship continues to be an anchor of global peace and stability that should be ensured upon the basis of equal and indivisible security," the joint statement dated December 5 read.

The leaders underlined that India-Russia ties have remained "resilient" in the backdrop of the prevailing complex, challenging and uncertain geopolitical situation. Both sides have strived to forge a contemporary, balanced, mutually beneficial, sustainable and long-term partnership.

"Development of India-Russia relations across the entire spectrum is a shared foreign policy priority. The Leaders agreed to make all efforts to unlock the full potential of the strategic partnership," the India-Russia joint statement added. (ANI)

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