Putin visit: Russia pitches deeper economic ties with India; targets $100 bn trade by 2030

Russia has called for a rapid expansion of bilateral trade and economic cooperation with India, stating that its engagement goes far beyond energy supplies and is now centred on unlocking new commercial opportunities across multiple sectors.

Speaking during the high-profile delegation visit, Russian officials said the purpose of the trip was "not only to discuss oil and gas contracts" but to strengthen multifaceted ties and familiarise Russian businesses with the "opportunities of the Indian economy" to enable mutually beneficial growth.

President Droupadi Murmu also hosted a banquet in the honour of Russian President Vladimir Putin and the Russian delegation at Rashtrapati Bhavan honour.

India and Russia remain long-standing trade partners, with bilateral trade registering strong momentum. Over the past three years, trade volumes have grown 80%, touching $64 billion last year—described by the Russian side as a “record increase”.

Both countries, they noted, possess large consumer markets and significant economic, technological, and resource potential, creating a natural synergy for expanded engagement.

Russia also acknowledged India’s strong macroeconomic performance, crediting Prime Minister Narendra Modi’s leadership for an “independent and sovereign policy” that continues to deliver results.

“Today the Indian economy is one of the fastest-growing in the world,” the delegation said, highlighting that India’s GDP has nearly doubled in a decade and has grown 2.5x in purchasing power parity terms.

Citing landmark initiatives such as Make in India and Digital India, Russian officials said India is successfully strengthening its technological sovereignty. They pointed to India’s global leadership across IT, pharmaceuticals, processing and light industry, noting that Russia is actively studying India’s experience as it implements its own import-substitution and localisation programmes.

The two sides have set an ambitious target to raise bilateral trade to $100 billion by 2030. Russia said its companies are ready to “manifold increase” purchases of a wide range of Indian goods and services, adding that projects enabling higher Indian exports to Russia should receive priority under India's new export support framework.

Russian ministries, they affirmed, would continue to support initiatives aimed at boosting economic exchanges.

A key enabler of future growth, officials said, will be the increased use of national currencies, allowing uninterrupted financial transactions "regardless of external developments".

Logistics infrastructure is also being strengthened. Progress continues on the International North–South Transport Corridor (INSTC) connecting Russia and Belarus to the Indian Ocean, while modernization of the Northern Sea Route is underway to facilitate the movement of Indian goods to global markets.

The messaging from Moscow underscores a broader strategic shift: Russia sees India not just as a major energy client, but as a long-term economic partner across manufacturing, technology, logistics, and trade.