India and Russia said on Thursday that they wanted to boost their trade and expand the number of items they transact in, hours before Russian President Vladimir Putin lands in New Delhi on a state visit.
Commerce and Industry Minister Piyush Goyal on Thursday said that India and Russia have significant scope to expand their bilateral trade and work towards achieving greater balance in it.
The commerce minister said that India could increase its exports to Russia in several sectors including consumer goods, food items, automobiles, tractors, heavy commercial vehicles, smartphones and other electronics, industrial components and textiles.
Russian President Vladimir Putin began a two-day visit to India on Thursday, his first in four years with the aim of strengthening sales of Russian oil, missile systems and fighter aircraft, while also seeking to deepen business cooperation beyond the traditional areas of energy and defence. His visit comes at a time when the United States is urging India to reduce its dependence on Moscow.
Speaking at the India-Russia Business Forum organised by industry body FICCI, Goyal said bilateral trade is approaching USD 70 billion, but emphasised that “we cannot rest; we need to grow, we need to balance that.”
India’s exports to Russia stood at USD 4.9 billion in 2024-25, while imports were USD 63.8 billion in the last fiscal year, leaving a trade deficit of about USD 59 billion. The two sides have fixed a target of USD 100 billion bilateral trade by 2030. He also said India can offer huge in services sector also to Russia.
Russia wants to import more Indian goods to balance bilateral trade, which is currently heavily skewed towards energy, Deputy Kremlin Chief of Staff Maxim Oreshkin told a business conference in New Delhi.
”The Russian delegation and business representatives have arrived with a very specific goal… we have come for Indian goods and services. We want to significantly increase their purchases,” Oreshkin said.
”This is not a momentary story, but a strategic choice in developing relations” between the two countries, he said, adding that India’s share in Russian imports does not exceed 2%.
Oreshkin mentioned consumer goods, food and agricultural products, medicines, telecommunication equipment, IT services, and spare parts for industrial machinery as possible sectors for an increase in imports.
Senior Russian ministers and a large Russian business delegation are in New Delhi for Putin’s visit.
Putin is due to meet Indian Prime Minister Narendra Modi for dinner on Thursday and the two leaders will hold summit talks on Friday.
With inputs from agencies
End of Article
