Putin’s India Trip to Spotlight Rapidly Growing Russia–India Trade

India and Russia are placing renewed emphasis on their economic partnership as President Vladimir Putin prepares for his upcoming visit to New Delhi. Bilateral trade has surged to unprecedented levels, with both nations targeting deeper cooperation across energy, manufacturing, technology and connectivity.

According to India’s Ministry of External Affairs (MEA), India–Russia bilateral trade reached USD 68.7 billion in FY 2024–25 — nearly six times higher than pre-pandemic levels. India exported goods worth USD 4.88 billion, while imports, led by crude oil, petroleum products, fertilizers and minerals, stood at USD 63.84 billion. Indian exports were dominated by pharmaceuticals, agriculture products, engineering goods, chemicals, textiles and machinery. Both sides have set an ambitious goal of expanding trade to USD 100 billion by 2030.

Investment flows continue to grow steadily. India’s investments in Russia are estimated at USD 16 billion, mainly in energy and pharmaceuticals, while Russian investments in India stand at around USD 20 billion across petrochemicals, steel, banking, railways and energy. Earlier, both countries had agreed on a USD 50 billion investment target by 2025.

The Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) remains the backbone of bilateral engagement, supported by 17 working groups and six sub-groups covering trade, agriculture, energy, technology, manpower, banking and more. The India–Russia Strategic Economic Dialogue further supports cooperation in transport, SMEs, agriculture, tourism and digital transformation.

High-level visits have played a critical role in driving momentum. Prime Minister Narendra Modi’s multiple visits to Russia — including the most recent in July 2024 — have helped set new trade targets and strengthen energy ties. Past summits have seen major defence and investment agreements, including the S-400 deal and a long-term military-technical cooperation pact.

In upcoming discussions, both countries are expected to focus on reducing trade barriers, improving payment and logistics systems, advancing the India-EAEU Free Trade Agreement and increasing Indian exports. With trade at an all-time high, India and Russia are poised to expand their economic partnership significantly in the coming years.