New Delhi: India and Russia share a special and privileged strategic partnership that has held strong for decades despite global turbulence, commerce and industry Minister Piyush Goyal said on Thursday at the India-Russia Business Summit.
Goyal reminded the audience that the bond between the two countries is not just political or economic, but deeply cultural, recalling how classic Hindi films, such as Mera Naam Joker and Awara, were embraced by generations in Russia.
These shared cultural memories, he said, reflect the warmth and continuity that have defined the relationship long before the current geopolitical era.
This takes on added significance as, besides the free trade agreement (FTA) with the Eurasian Economic Union, India and Russia are working on several measures aimed at balancing two-way trade, which is currently tilted in Moscow’s favour.
Surge in bilateral trade
Bilateral trade between India and Russia touched an all-time high of $68.7 billion in FY25, nearly 5.8 times higher than the pre-pandemic level of $10.1 billion. The surge was driven largely by imports from Russia, which stood at $63.84 billion, compared with India’s exports of $4.88 billion.
There are huge opportunities to expand bilateral trade between the two countries and work towards making it more balanced, Goyal further said while addressing the Russia Business Forum meeting organised by industry lobby Ficci.
“Sectors that hold potential to boost exports from India to Russia include consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics like smartphones, industrial components, and textiles,” he said.
The two sides have fixed a target of $100 billion in bilateral trade by 2030.
The minister also said that India can offer a large basket of services to Russia.
Speaking at the meeting, Maxim Oreshkin, deputy chief of staff of the Presidential Executive Office of the Russian Federation, said that India’s share in Russia’s imports is less than 2% and needs to be increased.
There is a need to increase this for a more balanced trade, Oreshkin said.
India can increase its supplies in six major areas, including agriculture, pharmaceuticals, telecom equipment, industrial components, and human resources, Oreshkin said.
Commenting on the broader strategic context of the visit, Ajay Srivastava, co-founder, Global Trade Research Initiative (GTRI), said, “Putin’s visit is not a nostalgic return to Cold War diplomacy. It is a negotiation over risk, supply chains and economic insulation.”
A modest outcome will secure oil and defence; an ambitious one could reshape regional economics, he said, adding that “this visit is ultimately not about choosing sides, but about managing dependence in a fractured world.”
Mint reported on 16 November that India and the Eurasian Economic Union have agreed to meet every quarter at the regulator level to resolve market access hurdles, such as those related to certification and approval delays faced by agricultural and marine exporters.