Russia Seeks Balanced Trade with India, Targets $100 Billion by 2030

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Russia's First Deputy Prime Minister Denis Manturov has expressed his country's eagerness to strengthen economic ties with India, boost investments, and import more Indian goods and services. This move aims to achieve a balanced and mutually beneficial long-term bilateral trade. During a meeting with Finance Minister Nirmala Sitharaman, Manturov discussed investment and banking issues, while Deputy Chief of Staff Maxim Oreshkin addressed the India-Russia Business Forum alongside Commerce Minister Piyush Goyal. The Forum focused on the theme "Sell to Russia," with the goal of increasing bilateral trade to $100 billion by 2030, up from the current $70 billion. According to data from the Commerce Ministry, India's merchandise exports to Russia totaled less than $4.9 billion in 2024-25, while imports reached $63.8 billion, resulting in a trade deficit of over $59 billion. The main contributor to this deficit was oil imports. The upcoming 23rd India-Russia Annual Summit, scheduled for December 5, 2025, is expected to yield significant outcomes. Manturov expressed his support for India's upcoming chairship of BRICS. Commerce Minister Goyal highlighted the vast opportunities for expanding bilateral trade between the two countries and achieving a more balanced trade relationship. He emphasized the potential for Indian exports in sectors such as consumer goods, food products, automobiles, and electronics. Oreshkin acknowledged that India's share in Russia's imports is less than 2% and emphasized the need to increase this figure. He identified areas for collaboration in consumer goods, food, and agriculture, pharmaceuticals, and industrial components. The current trade pattern between India and Russia needs to be more balanced, as India's share in Russia's imports is still under 2%. The two countries are working towards a stronger, strategic, and durable trade relationship, aiming to exceed $100 billion by 2030.