New Delhi, December 4, 2025 – In a bold push to deepen economic ties amid global uncertainties, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi have set an ambitious target of $100 billion in bilateral trade by 2030, according to a top Kremlin aide. The announcement comes as Putin arrives in India for a two-day visit, marking the 23rd India-Russia annual summit and underscoring the enduring strategic partnership between the two nations.
Speaking to reporters on the sidelines of the Russia-India Business Forum in New Delhi, Maxim Oreshkin, Deputy Chief of Staff in the Russian Presidential Executive Office, highlighted the leaders' commitment. "President Putin and Prime Minister Modi have set the target of 100 billion USD by 2030. So this is a strategic choice in developing relations between the two countries," Oreshkin said, emphasizing the need to balance trade and boost Indian exports to Russia.
The forum, organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), brought together business leaders from both sides to explore opportunities in sectors like pharmaceuticals, agriculture, consumer goods, telecommunications, and electronics. Indian Commerce and Industry Minister Piyush Goyal, addressing the gathering, echoed the optimism, stating that bilateral trade has "big untapped potential" and urged for a higher share of Indian goods in Russian imports to address the current imbalance. "Bilateral trade is reaching USD 70 billion but we cannot rest, we need to grow, we need to balance that," Goyal remarked.
Current trade figures paint a picture of rapid growth but persistent asymmetry. In 2024, India-Russia commerce surged to approximately $63.6 billion, a more than five-fold increase from $13 billion in 2021, driven largely by discounted Russian oil imports amid Western sanctions on Moscow following its invasion of Ukraine. However, India's exports to Russia stood at just $4.9 billion last fiscal year, against $63.8 billion in imports, resulting in a staggering $59 billion trade deficit. Oreshkin noted that India's share in Russian imports remains below 2%, and Russia is eager to ramp up purchases of Indian products in services, pharma, food, and consumer sectors to rectify this.
Putin's visit, his first to India since 2019, is expected to yield several key outcomes. The leaders will hold summit talks on Friday, reviewing progress on "promising projects" in industrial collaboration, innovative technologies, transportation, peaceful space initiatives, mining, healthcare, and labor mobility. A highlight will be the signing of the Programme for the Development of Strategic Areas of Russian-Indian Economic Cooperation until 2030, alongside a joint statement. Energy remains a cornerstone, with India balancing affordable Russian crude amid potential U.S. sanctions risks.
Prime Minister Modi warmly welcomed Putin with a private dinner upon his arrival Thursday afternoon, describing him as a "friend" and expressing delight at the opportunity to strengthen ties. President Droupadi Murmu will host a banquet in Putin's honor before his departure. Beyond economics, discussions are set to cover defense cooperation – a longstanding pillar of the relationship – and broader geopolitical alignment.
The $100 billion target builds on previous goals, including an earlier aim of $30 billion by 2025, which the two sides appear poised to surpass. Analysts view this as a strategic diversification for both nations: India seeking energy security and export markets, while Russia looks to offset losses from Western decoupling.
As the summit unfolds, stakeholders from both countries are optimistic about translating rhetoric into reality. "This is not a momentary story, but a strategic choice," Oreshkin affirmed, signaling a long-term vision for mutual prosperity. With the global stage shifting, the India-Russia partnership stands as a beacon of resilience in an era of fragmentation.
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