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Russia-India bilateral trade volumes hit US$38 billion in the six months of this year and are on track to reach the US$100 billion goal set for 2030, according to Indian Ambassador Vinay Kumar. He was speaking at the Russia-India TIME Business Forum in Kazan on Thursday (October 15).
He said, “We think we are on the right path to achieve the target,” adding that India was sourcing energy and fertilizers from Russia while exporting pharmaceuticals and expanding opportunities for skilled workers. The US$100 billion trade target was set during Modi’s visit to Moscow in July 2024.
The two countries are making a concerted effort to diversify trade and deepen economic ties, with Indian Prime Minister Narendra Modi and Russian President Vladimir Putin giving personal attention to the relationship. The Kazan forum, in the Russian Republic of Tatarstan, follows the INNOPROM. The India trade fair was held in New Delhi last month.
The strong growth in trade has continued beyond the six-month period cited by the Indian envoy. Bilateral commerce reached US$47.7 billion in January-July, up 24.3% year-on-year, according to Sberbank.
India’s imports from Russia reached US$44.9 billion during the six months, including US$36 billion in crude oil purchases. Indian exports reached US$2.8 billion as Russia bought more chemicals, electrical goods, medical equipment, seafood, tea, and spices.
Bilateral goods trade grew from around US$13 billion in 2021-22 to nearly US$60 billion in 2025-26, Indian Foreign Minister S. Jaishankar said in August. However, the trade imbalance also widened as India bought Russian oil in huge quantities amid disruptions in the Middle East caused by the US-Israeli attacks on Iran.
New Delhi is seeking to expand shipments of pharmaceuticals, engineering goods, chemicals, food products, and auto components to Russia to lower the deficit.
Both sides are working on a bilateral investment treaty and strengthening local currency payment mechanisms to facilitate trade. India has also launched free trade negotiations with the Eurasian Economic Union, which includes Russia, to expand market access.
