The Russia-India trade has witnessed an extraordinary seven-fold growth in the last half-decade, with the two long-time privileged strategic partners forging closer ties in the areas of energy, defence and agriculture, Russian Deputy Prime Minister Denis Manturov said on Tuesday.
"For the last five years, the Russia-India trade turnover saw a 7-fold increase. One of the key elements of the Russian-Indian collaboration is the industrial cooperation. Joint projects are being implemented and developed in the fields of mechanical engineering, metallurgy, mining and chemical industries, pharmaceuticals, IT, aircraft manufacturing and other areas", Manturov said ahead of the annual India-Russia Summit scheduled for 4-5 December 2025.
Bilateral trade between India and Russia touched an all-time high of $68.7 billion in FY 2024-25, driven by India's rising imports of crude oil from Russia.
India-Russia have set a $100 billion target in annual trade by 2030, which the Russian Deputy PM underscored will require concerted efforts from both Moscow and New Delhi.
"Achieving the $100-billion trade aim is a truly ambitious goal. In order toreach this milestone, it is necessary to work on the quality of our bilateral trade and the structure of our trade turnover. It requires concerted efforts from the governments of both states, as well as businesses and financial institutions," Manturov added.
The Russian Deputy PM emphasised that diversification of trade to other sectors in addition to defence and energy was the need of the hour if the two sovereign states wished to see a positive trajectory of their economic relations.
"We are increasing the supply of mineral fertilisers, machinery and equipment, metallurgical products to India. At the same time, we are building imports of products of the agro-industrial complex, chemical industry, industrial raw materials, equipment and components from India," the senior official in Putin's government stated.