India and Russia announced plans to strengthen their trade relationship and expand the range of goods exchanged, ahead of Russian President Vladimir Putin’s state visit to New Delhi. Both nations aim to achieve $100 billion in bilateral trade by 2030, building on a rapid expansion in recent years.

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Rapid Growth and Current Trade Balance

Bilateral trade between India and Russia surged from approximately $13 billion in 2021 to nearly $69 billion in 2024–25, largely driven by India’s energy imports from Russia. However, trade slowed to $28.25 billion during April–August 2025 due to a decline in crude oil imports following punitive tariffs on Indian goods and sanctions imposed by the United States.

Deputy Kremlin Chief of Staff Maxim Oreshkin noted that Russia wants to import more Indian goods to balance trade, which is currently heavily skewed toward energy. He stated:

“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.”

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Focus on Diversifying Trade

Oreshkin highlighted several sectors for potential growth in Russian imports from India, including:

• Consumer goods
• Food and agricultural products
• Medicines
• Telecommunication equipment
• IT services
• Spare parts for industrial machinery

India’s Trade Minister Piyush Goyal emphasized New Delhi’s strategy to diversify exports to Russia, targeting sectors such as automobiles, electronics, data processing equipment, heavy machinery, industrial components, textiles, and food products.

“Russia has a huge demand for a wide range of industrial goods and consumer products, presenting multiple untapped opportunities for Indian businesses,” Goyal said.
“We need to bring more diversity in our trade basket and make it more balanced between Russia and India.”

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Strategic Implications

The push to expand trade reflects a long-term strategic partnership between India and Russia, aimed at reducing reliance on energy-heavy imports and creating a more balanced economic relationship. With India accounting for less than 2% of Russian imports, there is significant room for growth in a variety of industrial and consumer sectors.

The state visit will include bilateral discussions between President Putin and Prime Minister Narendra Modi, focusing on both trade and broader diplomatic relations. Senior Russian ministers and a large business delegation are accompanying the president to facilitate deals and partnerships.