Bilateral commerce has climbed sharply on Russian energy and fertiliser supplies, but India is pressing to narrow the trade gap by expanding exports and easing payment and transport barriers.
India and Russia are moving closer to their bilateral trade goal, with Indian Ambassador Vinay Kumar saying commerce between the two countries reached $38 billion in the first six months of this year and remains on course to hit the $100 billion annual target by 2030.
Speaking to The Tribune on the sidelines of the second Russia-India TIME Business Forum in Kazan, Kumar said the relationship was being driven by energy and fertiliser supplies from Russia, alongside Indian exports of pharmaceuticals and growing opportunities for skilled workers. He added that both sides were making a concerted effort to diversify trade and deepen economic ties, with Narendra Modi and Vladimir Putin giving the relationship personal attention.
The Kazan meeting, held on 15 October, brought together government officials, business groups and company executives from both countries. According to a post from the Indian mission in Moscow, the two-day forum included an exhibition on regional partnership, expert sessions on education, culture, industry, information technology and tourism, as well as business-to-business meetings, industrial visits and a cultural programme.
The latest figures suggest the trade push is accelerating rather than stalling. Indian Commerce Ministry data cited by Russian lender Sberbank showed bilateral commerce reached $47.7 billion in January to July, up 24.3% from a year earlier. India’s imports from Russia totalled $44.9 billion in that period, including $36 billion in crude oil purchases, while Indian exports were only $2.8 billion.
That imbalance has become a central concern for New Delhi. Indian Foreign Minister Subrahmanyam Jaishankar said in August that goods trade had grown from about $13 billion in 2021-22 to nearly $60 billion in 2025-26. India is now trying to increase shipments of pharmaceuticals, engineering goods, chemicals, food products and auto components to Russia, while the two governments work on a bilateral investment treaty and stronger local-currency payment mechanisms. India has also begun free-trade talks with the Eurasian Economic Union, which includes Russia, in a bid to widen market access.
The broader trajectory underlines how quickly the relationship has expanded. In November 2024, Russian diplomat Maxim V. Kozlov said trade had reached a record $66 billion that year, while Jaishankar separately set out India’s aim of reaching the $100 billion mark by 2030. Russian and Indian officials have both described that target as achievable, provided they can keep broadening the trade basket and ease practical bottlenecks in payments, insurance and transport.
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