FILE PHOTO: Russian President Vladimir Putin and Indian Prime Minister Narendra Modi shake hands during a meeting on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China, Sept 1, 2025. - Photo: Sputnik/Pool via Reuters
NEW DELHI: India and Russia want to boost their trade and expand the variety of items in transactions, both said on Thursday (Dec 4) as Russian President Vladimir Putin headed to New Delhi to start a two-day state visit.
Putin's first visit to India in four years aims to increase sales of Russian oil, missile systems and fighter jets and broaden business links between the two countries beyond energy and defence equipment, amid United States pressure on the giant South Asian nation to move away from Moscow.
India and Russia aim to raise two-way trade to US$100 billion by 2030. Their commerce rose more than five-fold from about US$13 billion in 2021 to near US$69 billion in 2024–25, almost entirely driven by Indian energy imports.
INDIA SEEKS NEW MARKETS AFTER TRUMP TARIFFS
Bilateral trade eased to $28.25 billion in April–August 2025, reflecting a decline in crude oil imports following punitive tariffs on Indian goods and sanctions imposed by U.S. President Donald Trump's administration.
At the same time, India is looking for new destinations to increase exports of its goods hit by a punishing 50% tariff imposed by Trump, half of that over India buying Russian oil, which Washington says helps finance Moscow's war in Ukraine.
Russia wants to import more Indian goods to balance bilateral trade, which is currently heavily skewed towards energy, Deputy Kremlin Chief of Staff Maxim Oreshkin told a business conference in New Delhi.
"The Russian delegation and business representatives have arrived with a very specific goal... We have come for Indian goods and services. We want to significantly increase their purchases," Oreshkin said.
"This is not a momentary story, but a strategic choice in developing relations" between the two countries, he said, adding that India's share in Russian imports does not exceed 2%.
Indian Trade Minister Piyush Goyal said New Delhi wants to diversify exports to Russia and increase sales of automobiles, electronics goods, data-processing equipment, heavy machinery, industrial components, textiles, and foodstuffs.
“Russia has a huge demand for a wide range of industrial goods, consumer products, presenting multiple untapped opportunities for Indian businesses," Goyal told the conference.
"We need to bring more diversity in our trade basket. We need to make it more balanced between Russia and India. We need to add more variety," he said.
DEMAND FOR INDIAN SHRIMP
Russian Agriculture Minister Oksana Lut said Russia was prepared to increase imports of shrimp, rice, and tropical fruits from India. She mentioned that Russian firms were also interested in Indian food processing equipment.
India is the world's largest exporter of shrimp, and Lut noted that it was possible to increase India's share in Russian imports of shrimp, currently at 20%.
India was the biggest supplier of shrimp to the U.S. but Trump's tariffs have badly hit exports, causing a decline in shipments and forcing companies to seek alternative markets.
Senior Russian ministers and a large Russian business delegation are in New Delhi for Putin's visit.
Putin is due to meet Indian Prime Minister Narendra Modi for dinner on Thursday and the two leaders will hold summit talks on Friday. - Reuters
