New Delhi: 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)
