NewKerala.com

Key Points

India and Russia have seen a massive 700% surge in trade turnover over the past five years. External Affairs Minister S Jaishankar met with Russian Deputy PM Denis Manturov in Moscow to discuss economic cooperation. The bilateral trade in goods has skyrocketed from $13 billion in 2021 to $68 billion in 2024-25. However, both leaders acknowledged the urgent need to address the growing trade imbalance that has reached nearly $59 billion.

Key Points: India Russia Trade Surges 700% as Jaishankar Meets Deputy PM Manturov

  • Bilateral trade grew from $13B to $68B in just four years
  • Jaishankar co-chaired the 26th IRIGC-TEC session with Deputy PM Manturov
  • Trade imbalance surged nine-fold to $58.9 billion
  • EAM addressed India-Russia Business Forum in Moscow
3 min read

India-Russia trade turnover surges 700% in 5 years: Deputy PM after meeting with EAM Jaishankar

Bilateral trade hits $68 billion, making India a top-3 Russian partner. Jaishankar addresses trade imbalance during Moscow visit for IRIGC-TEC meeting.

"Russia-India trade turnover SURGED #700% over the past 5 years. - Russian Embassy in India"

Moscow, August 20

Russia and India trade turnover surged 700 per cent over the past 5 years and New Delhi is now in the top 3 of Russian trading partners, said Deputy PM Denis Manturov after meeting with External Affairs Minister S Jaishankar.

https://x.com/RusEmbIndia/status/1958197761125556330

In a post on X, the Russian Embassy in India wrote, "Russia-India trade turnover SURGED #700% over the past 5 years."

"India is now in the TOP 3 of Russian trading partners, says Russian Deputy PM Denis Manturov" after meeting with EAM Jaishankar, the post added.

Jaishankar is on a three-day visit to Russia. Apart from co-chairing IRIGC-TEC, the External Affairs Minister will address the India-Russia Business Forum meeting in Moscow.

Earlier, on his official visit to Moscow, EAM paid his respects at the Tomb of the Unknown Soldier, laying a wreath in memory of those who sacrificed their lives in the Great Patriotic War, which began on June 22, 1941, when German troops launched a surprise attack on the Soviet Union during World War-II, and ended on May 8, 1945, when Germany surrendered.

He also participated in the 26th Session of the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). Jaishankar said that the IRIGC is a key mechanism to prepare for the Annual Summit, which is expected to be held by the end of this year.

He also noted that bilateral trade in goods between India and Russia has increased more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and the trade imbalance should be addressed urgently.

"We are meeting here after about 10 months since the last Session in November 2024 in New Delhi, and I think this is perhaps the shortest interval between the two sessions that we have ever had. Over the last four years, our bilateral trade in goods has increased, as you have noted, more than five-fold from USD 13 billion in 2021 to USD 68 billion in 2024-25, and it continues to grow," Jaishankar said.

"However, a major trade imbalance has accompanied the growth; it has increased from USD 6.6 billion to USD 58.9 billion, which is about nine times. So we need to address that urgently," he added.

"Co-chaired an extremely productive 26th India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation IRIGC-TEC along with First DPM Denis Manturov of Russia today. We had detailed discussions on our cooperation in a wide-ranging arena, including the trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture. As we meet in the backdrop of a complex geopolitical situation, we made the following suggestions to make the IRIGIC-TEC an even more efficient catalyst for deepening our economic cooperation," Jaishanka wrote on X.

- ANI

Share this article:

Reader Comments

P
Priya S
While the growth is impressive, the trade imbalance of nearly $59 billion is concerning. Hope our government focuses on increasing Indian exports to Russia - maybe pharmaceuticals, textiles, and IT services could bridge this gap.
R
Rohit P
Russia has been a reliable partner for decades. From defense to energy, this relationship matters for India's strategic autonomy. The business forum in Moscow should explore more areas for collaboration beyond traditional sectors.
S
Sarah B
As an expat working in India, it's interesting to see how India maintains relationships with all major powers. The trade numbers are staggering - $68 billion from $13 billion in just 3 years! Shows pragmatic foreign policy at work.
V
Vikram M
Good to see EAM Jaishankar paying respects at the Tomb of the Unknown Soldier. These gestures matter in diplomacy. Russia stood with us during difficult times, and we should maintain this friendship while pursuing our national interests.
M
Michael C
The trade imbalance needs urgent attention. While affordable Russian oil benefits Indian consumers, we need to ensure this doesn't become a one-way relationship. Indian businesses should get better market access in Russia.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50