The strategic partnership between Russia and India has significantly flourished in recent times, demonstrating a robust collaboration that spans across multiple sectors including trade, defense, energy, and maritime cooperation. The bilateral trade between the two countries reached a remarkable $49.36 billion during the fiscal year 2022-23, with India’s exports to Russia standing at $3.14 billion and imports from Russia at $46.21 billion. This marked a significant increase of 161.22% in trade during April-May 2023-24 compared to the same period in the previous year. The trade encompasses a wide range of products, with major exports from India including drug formulations and iron and steel, and major imports by India comprising petroleum, coal, coke, and fertilizers.
Efforts are underway to address the trade deficit and access issues, with both nations agreeing to work jointly to unlock the full potential of their economic relationship. This includes the exploration of new transport corridors such as the Northern Sea Route and the Eastern Maritime Corridor between Vladivostok and Chennai to widen maritime cooperation, aimed at fostering strategic cooperation across various sectors and developing relations in all areas of mutual interest.
Investment figures are also significant, with Russian investment in India reaching $18 billion and Indian investment in Russia at $13 billion, thereby surpassing the overall investment target of $30 billion set for 2025. The investment cooperation spans across priority sectors such as hydrocarbons, power, and IT, among others.
Institutional frameworks for bilateral economic cooperation, like the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), and the India-Russia Strategic Economic Dialogue (IRSED), underscore the commitment to deepen economic ties.
The relationship is underpinned by mutual respect and strategic interests, with India viewing Russia as a reliable partner that has supported it on various international platforms, including the United Nations. This partnership not only strengthens their economic ties but also contributes to regional and global stability.
