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Putin's India Visit: How Bilateral Trade Could Hit $100 Billion by 2030

Russian President Vladimir Putin's upcoming visit to India is expected to significantly boost economic cooperation between the two nations. The Federation of Indian Export Organisations sees this as a crucial opportunity to diversify trade beyond energy sectors. Bilateral trade has already grown five-fold over the past four years, reaching $68 billion in 2024-25. Both countries have set an ambitious target to increase trade to $100 billion by 2030 through enhanced cooperation in pharmaceuticals, engineering, and other sectors.

Key Points: Putin India Visit Boosts Bilateral Trade Target to $100 Billion

  • Bilateral trade surged from $13B to $68B over four years since 2021
  • India's exports to Russia reached $1.84B while imports hit $26.45B in FY26
  • Key export opportunities include pharmaceuticals, engineering, electronics and IT services
  • INSTC logistics corridor revival making trade more cost-effective between nations
2 min read

Putin's India visit a booster for bilateral trade to reach $100 billion by 2030: FIEO

Russian President Putin's upcoming India visit aims to boost bilateral trade to $100 billion by 2030, with FIEO highlighting export opportunities in pharmaceuticals and engineering.

"Besides, the exit of many Western companies from Russia has created a significant opening for Indian exporters to fill the void in various sectors - S.C. Ralhan, FIEO President"

New Delhi, Nov 28

The upcoming State visit of Russian President Vladimir Putin to India, and the accompanying India-Russia Business Forum, are a timely platform to enhance and deepen economic and trade cooperation between both the nations, the Federation of Indian Export Organisations (FIEO) said on Friday.

Putin will travel to India on December 4–5 for the 23rd India-Russia Annual Summit.

The recent trade data shows that India's exports to Russia was $1.84 billion, while imports touched $26.45 billion during the April-August period in FY26.

Earlier, merchandise trade to Russia soared to a record $68.7 billion in FY 2024-25, with exports of around $4.88 billion and imports largely comprising crude oil, petroleum products, fertilisers and other raw materials, which accounted for $63.84 billion.

According to FIEO, the bilateral trade in goods has expanded more than five-fold over the past four years starting from 2021, at around $13 billion to $68 billion in 2024-25.

At the same time, both nations have also outlined an ambitious long-term goal to raise bilateral trade to $100 billion by 2030.

FIEO President S.C. Ralhan said a lot of potential for exports to Russia lies in sectors like pharmaceuticals, engineering and electronics, agro-products, auto and auto-components and IT services, which are experiencing high demand due to changing market dynamics.

"Besides, the exit of many Western companies from Russia has created a significant opening for Indian exporters to fill the void in various sectors," Ralhan added.

He also said that bilateral investments still remain significant and have grown over the years 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 are mainly in oil and gas and pharmaceuticals.

The revival and expansion of logistics corridors like the International North-South Transport Corridor (INSTC) have also made bilateral trade between the nations more cost-effective, Ralhan added.

He also reiterated that the upcoming India-Russia Business Forum scheduled during President Putin's visit represents a critical opportunity for Indian exporters, investors and Russian counterparts to pivot from energy-led trade to a more diversified, sustainable trade and investment relationship.

Besides, supporting MSMEs, exporters and SMEs to explore Russia as a market, with institutional facilitation and bilateral trade missions, would provide further boost to the India's exports sector.

- IANS

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Reader Comments

P
Priya S
While the trade numbers look impressive, I'm concerned about the huge trade deficit. We're importing $63 billion while exporting only $5 billion? We need to focus more on increasing our exports to Russia, not just buying their oil.
R
Rohit P
The INSTC corridor is a game-changer! Reducing logistics costs will make our products more competitive in Russian markets. MSMEs should definitely explore this opportunity. Jai Hind! 🇮🇳
S
Sarah B
As someone working in the pharmaceutical sector, this is exciting news. Russia represents a huge untapped market for Indian generic medicines. Hope the government provides adequate support to small exporters.
K
Karthik V
Five-fold growth in just 4 years is remarkable! This shows how strong India-Russia relations are. The auto-components and engineering sectors have massive potential. Let's make the most of this partnership.
M
Michael C
While the economic benefits are clear, I hope we maintain a balanced foreign policy. We should ensure this doesn't affect our relationships with other important trading partners. Strategic autonomy is key for India's growth.

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