India, Russia Boost Trade Ties: Sitharaman Meets Manturov in Delhi

According to a post on social media platform X by the Ministry of Finance, the meeting focused on expanding economic cooperation and other areas of mutual interest between India and Russia.

"Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Denis Manturov, First Deputy Prime Minister of the Russian Federation, in New Delhi today," the ministry said on X.

"The two leaders exchanged views on strengthening trade & investment ties and discussed issues of mutual interest," it said.

The meeting comes amid continued engagement between India and Russia to deepen economic cooperation and enhance bilateral trade and investment.

India and Russia share a long-standing "Special and Privileged Strategic Partnership" that covers multiple areas of cooperation including trade and investment, energy, science and technology, nuclear energy, defence and space collaboration.

According to the Ministry of Finance, a joint statement issued during the 23rd India-Russia Annual Summit in December 2025 highlighted the importance of strengthening economic engagement between the two countries.

Prime Minister Narendra Modi and Russian President Vladimir Putin had reaffirmed their commitment to deepen bilateral cooperation and unlock the full potential of the strategic partnership.

The statement noted that the leaders "reaffirmed their shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia, strengthening industrial cooperation, forging new technological and investment partnerships, especially in advanced high-technology areas and finding new avenues and forms of cooperation."

The two sides also welcomed the adoption of the "Programme for the Development of Strategic Areas of India - Russia Economic Cooperation till 2030 (Programme 2030)."

The joint statement further highlighted that addressing trade barriers, improving connectivity and strengthening financial cooperation would be key to expanding economic ties.

According to the statement cited by the Ministry of Finance, both sides emphasised that "addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, ensuring smooth payment mechanisms" are among the important elements for achieving the revised bilateral trade target of USD 100 billion by 2030.

India and Russia have also been working on expanding cooperation in sectors such as energy resources, critical minerals, advanced technologies and manufacturing, while strengthening financial cooperation through bilateral settlement mechanisms and interoperability of payment systems.

Regular high-level engagements between the two countries continue to play an important role in advancing trade, investment and strategic cooperation between India and Russia.

- ANI