Will Putin's Visit to India Propel Bilateral Trade to $100 Billion by 2030?
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Synopsis
Russian President Vladimir Putin's upcoming visit to India and the India-Russia Business Forum are poised to significantly enhance trade relations. With a target of reaching $100 billion in bilateral trade by 2030, this visit represents a pivotal moment for Indian exporters looking to tap into new markets.
Key Takeaways
- Putin's State visit to India is set for December 4-5.
- Bilateral trade is targeted to reach $100 billion by 2030.
- Significant opportunities exist in pharmaceuticals, engineering, and IT services.
- Withdrawal of Western companies from Russia creates openings for Indian exporters.
- Logistics corridors enhance cost-effectiveness in trade.
New Delhi, Nov 28 (NationPress) The anticipated visit of Russian President Vladimir Putin to India, alongside the India-Russia Business Forum, serves as a crucial opportunity to enhance and strengthen economic and trade relations between the two nations, as highlighted by the Federation of Indian Export Organisations (FIEO) on Friday.
Putin's trip is scheduled for December 4–5 during the 23rd India-Russia Annual Summit.
Recent trade statistics reveal that India's exports to Russia amounted to $1.84 billion, while imports reached $26.45 billion for the April-August period in FY26.
Previously, merchandise trade with Russia peaked at a record $68.7 billion in FY 2024-25, with exports around $4.88 billion and imports primarily including crude oil, petroleum products, fertilizers, and other raw materials, which constituted $63.84 billion.
As per FIEO, bilateral trade in goods has surged over five-fold in four years, escalating from approximately $13 billion in 2021 to $68 billion in 2024-25.
Both countries have also set an ambitious long-term aim to elevate bilateral trade to $100 billion by 2030.
FIEO President S.C. Ralhan stated that there is substantial potential for exports to Russia in sectors such as pharmaceuticals, engineering, electronics, agro-products, auto and auto-components, and IT services, which are seeing a spike in demand due to evolving market dynamics.
He further noted that the withdrawal of numerous Western companies from Russia has created a significant opportunity for Indian exporters to occupy the gap in various sectors.
Moreover, he mentioned that bilateral investments have remained significant, with a target of $50 billion by 2025.
Russian investments in India span sectors such as oil and gas, petrochemicals, banking, railways, and steel, while Indian investments in Russia primarily focus on oil and gas and pharmaceuticals.
The revival and growth of logistics corridors like the International North-South Transport Corridor (INSTC) have also made trade between the two nations more economical, Ralhan added.
He reiterated that the upcoming India-Russia Business Forum, coinciding with President Putin's visit, presents a vital opportunity for Indian exporters, investors, and their Russian counterparts to transition from energy-centric trade to a more diversified and sustainable trade and investment partnership.
Furthermore, fostering support for MSMEs, exporters, and SMEs to venture into the Russian market, with institutional assistance and bilateral trade missions, could further bolster India’s export sector.
Point of View
Putin's visit is a significant diplomatic move that could reshape India-Russia relations. The focus on diversifying trade beyond energy sectors is essential for sustainable growth. It underscores India's commitment to strengthening ties with key global players while navigating changing geopolitical landscapes.
NationPress
28/11/2025
Frequently Asked Questions
What is the significance of Putin's visit to India?
Putin's visit signifies a crucial step in enhancing bilateral trade relations, aiming for a target of $100 billion by 2030. It provides a platform for both nations to explore new economic opportunities.
What sectors are being targeted for trade expansion?
Key sectors include pharmaceuticals, engineering, electronics, agro-products, and IT services, which are witnessing increased demand.
How much trade has India engaged in with Russia recently?
In FY26, India's exports to Russia were $1.84 billion, while imports reached $26.45 billion during the April-August period.
What role do logistics corridors play in bilateral trade?
Logistics corridors like the INSTC enhance the cost-effectiveness of trade between India and Russia, making it easier to transport goods.
How can Indian exporters benefit from this visit?
The India-Russia Business Forum will provide Indian exporters with opportunities to establish connections and explore new markets in Russia.
