India-Russia Trade Surges 700%: A New Era of Bilateral Commerce

The trade relationship between India and Russia has reached unprecedented heights, with trade turnover surging an extraordinary 700% over the past five years. According to Russia's Deputy Prime Minister Denis Manturov, this remarkable growth has positioned India among Russia's top three trading partners, underscoring the deepening of bilateral commercial ties. The surge in trade has been primarily driven by increased imports of Russian hydrocarbons, particularly oil and gas. However, this rapid expansion has also highlighted a significant challenge: India's trade deficit with Russia has grown substantially, from USD 6.6 billion in 2021 to nearly USD 59 billion in 2024-25. Indian External Affairs Minister S. Jaishankar has emphasized the need to address this widening trade imbalance. Both nations are now focusing on diversifying trade beyond energy, exploring opportunities in sectors such as agriculture, pharmaceuticals, technology, and infrastructure development. The strategic partnership between Prime Minister Narendra Modi and President Vladimir Putin has been instrumental in fostering this trade growth. Their commitment to strengthening economic cooperation has opened new avenues for businesses in both countries, creating opportunities for exporters and importers across various industries. As the trade relationship continues to evolve, both nations are working towards creating a more balanced and sustainable trade ecosystem that benefits businesses and economies on both sides.