India-Russia bilateral trade: The relationship between India and Russia is old, the impact of which is also visible on the business of both the countries, which is now being considered to be further expanded. A senior officer has told news agency PTI that India has identified about 300 such products in engineering, pharmaceuticals, agriculture and chemicals, which will provide an important opportunity to Indian exporters to increase their presence in the Russian market.

How much does India currently export to Russia?

This step has been taken at a time when both the countries are working towards increasing bilateral trade between them to 100 billion dollars by 2030. India currently sends only $1.7 billion worth of these products to Russia, whereas Russia imports a total of $37.4 billion in this category. This difference is quite big. Now it remains to be seen which of these big export spaces India can target. Moreover, the higher the shipment, the lower India’s trade deficit with Russia, which currently stands at $59 billion.

Imports from Russia to India are increasing

The country’s Commerce Ministry has shortlisted several high-potential products to increase India’s supply to meet Russia’s import demand in several major sectors. These include engineering goods, pharmaceuticals, agricultural and chemical products on a large scale, which Russia imports from other countries.

According to PTI report, India’s share in Russia’s total import basket is about 2.3 percent. Whereas imports from Russia have increased continuously, increasing from $5.94 billion in 2020 to $64.24 billion in 2024. The main reason for this is crude oil, which has increased from $ 2 billion in 2020 to $ 57 billion in 2024. Oil now accounts for about 21 percent of India’s total crude oil imports from Russia.

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India-Russia Relationship: Russian President Vladimir Putin is thrilled about his visit to India in December. Speaking at the Valdai Discussion Club held in the southern city of Sochi, Russia on Thursday evening, he said that India is capable of combating the heavy tariff imposed in the United States and compensating for the loss caused by it.

Putin also praised PM Modi during this period. He described PM Modi as a wise leader, who first thinks about his country. On the stage of Valdai Discussion Club, there are talks on the big issues of the world. The leaders who join this openly speak.

Russia and India’s relationship special- Putin

On the stage, Putin further said that Putin said that there has never been any problem or tension between Russia and India. The relationship between Russia and India is very special. Putin also provided that Russia (first Soviet Union) has been a reliable partner since the time of India’s independence struggle. He said that about 15 years ago we had announced a special strategic partnership, which has not been forgotten by the people of India yet. The Valdai Forum of Sochi’s Black Sea Resort included 140 countries including India, security and geopolitical experts.

This is said about Trump’s tariff

In the event, Putin appreciated India’s decision to ignore American pressure to prevent the purchase of oil from Russia. He said that India has not only benefited financially from this decision, but also strengthened its image as a sovereign and independent nation. As a Putin, India has compensated the damage caused by American tariffs through import of crude oil from Russia.

He said that of course American tariff would have been harmful to India, but India has balanced it by purchasing cheap crude oil from Russia. Putin admitted during this period that there are many challenges like payment and logistics in business between Russia and India, but by solving these problems, the economic relationship between the two countries can be further strengthened. Russia now wants to buy more grains, fruits, vegetables and medicines from India.

Challenges between Russia and India

Let us know that due to the restrictions imposed by Western countries due to Russian attack in Ukraine, business between Russia and India is becoming difficult. Due to the ban, India is unable to pay in dollars. That is, Russia pays Indian exporters in rupees. In the same way, Russian importers are paid in rubles. In such a situation, Russia has deposited billions of rupees in Indian banks, which it is not able to use. It is also difficult to convert them into rubles. This causes obstruction in business. Apart from this, there is a lot of distance between Russia and India, which leads to more cost on the transportation of goods.

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