Russia keen on boosting investment in India
Russia aims to boost economic ties with India, targeting $100 billion in bilateral trade by 2030, focusing on balanced imports of Indian goods.
New Delhi
Russia is keen to further strengthen its economic ties with India, enhance its investments and is willing to import more Indian goods and services to have a balanced and mutually-beneficial long-term bilateral trade, people aware of meetings of Russian delegations with Indian ministers and industry, said.
While the visiting Russian delegation led by Russian Federation’s first deputy prime minister Denis Manturov discussed investment and banking issues with finance minister Nirmala Sitharaman on Thursday, Russia’s deputy chief of staff in the presidential executive office Maxim Oreshkin jointly addressed the India-Russia Business Forum with commerce minister Piyush Goyal at Bharat Mandapam. The Forum was organised around the theme “Sell to Russia”.
The two countries are aiming to boost their bilateral trade to $100 billion by 2030 from the current level of $70 billion, the people mentioned above said, asking not to be named. “Visiting Russian delegations are more interested in importing goods and services to boost trade rather than selling hydrocarbons. The intent is to have a balanced and equitable trade relation, which will be stronger, strategic and durable,” one of them said.
According to the commerce ministry’s data, India’s merchandise exports to Russia stood at less than $4.9 billion in 2024-25, while it imported goods worth $63.8 billion that year, leading to a trade deficit of over $59 billion, mainly on oil imports.
Confirming the meeting between Sitharaman and Manturov, the finance ministry said in a statement on X that the two “expressed expectations of strong outcomes from the upcoming 23rd India-Russia Annual Summit scheduled to be held on December 5, 2025. The Russian First Deputy Prime Minister extended strong support to India’s upcoming chairship of BRICS.” Manturov was accompanied by Russian minister of economic development Reshetnikov Maxim, Russian finance minister Siluanov Anton and Russian central bank’s chief Nabiullina Elvira.
Speaking at the business forum, Goyal pointed at huge opportunities to expand bilateral trade between the two countries and make it more balanced. He said that the two countries are making efforts to grow beyond $70 billion bilateral trade. “We need to grow, we need to balance that,” he said at the hall of Bharat Mandapam, which was completely full with officials and industry representatives from both sides. He said the relationship between India and Russia is so “deep, enduring and strong” that the hall is full beyond its capacity.
He identified potential of Indian exports in sectors such as consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics, industrial components and textiles, besides a range of services. He said India and Russia are reliable partners and it has been a “such-dukh ka saathi (a companion in joy and sorrow).”
Speaking at the forum, Oreshkin acknowledged that India’s share in Russia’s imports is less than 2% and it needs to be increased. Oreshkin, who was the keynote speaker at the event, said: “India-Russia trade has made remarkable strides, with volumes nearing USD 70 billion, yet immense potential remains untapped, as India’s share in Russia’s imports is still under 2%—a figure that does not capture the true ambition of our partnership. Our shared focus is to foster more balanced and mutually rewarding trade, aiming to exceed USD 100 billion by 2030, driven by stronger Indian exports. We see particularly promising avenues for collaboration in consumer goods, food and agriculture, pharmaceuticals and medical supplies, telecom and electronics, industrial components, and the mobility of skilled talent.”
Recalling the first summit meeting between Prime Minister Narendra Modi and President Vladimir Putin in 2014, Goyal said during that meeting the two leaders set a target of achieving $30 billion in bilateral trade by 2025. That target has already been achieved and, in fact, India and Russia today have twice that level of trade, he said. While reaching $70 billion is a significant milestone, the current pattern of trade needs to be more balanced, he added.
Chairing another session with Russian officials, commerce secretary Rajesh Agrawal stressed on the need for regulatory ease and simplification of processes so as to boost exports to Russia. He was in Moscow last month to boost bilateral trade. Recollecting his discussions with Russian industry and Indian exporters, he said they are willing to invest, but they need regulatory ease for doing business.
