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Discussions will take place to increase Indian exports to Russia, including pharmaceuticals, automobiles, agricultural and marine products, say sources
Expectations from the Vladimir Putin-Narendra Modi meeting remain high. (Photo Credit: PTI)
Russian President Vladimir Putin’s visit to India is expected to strengthen economic cooperation and unlock new opportunities for Indian businesses, government sources said ahead of his arrival. Putin is travelling with a large delegation of business representatives.
The sources added that discussions will take place to increase Indian exports to Russia, including pharmaceuticals, automobiles, agricultural and marine products.
Russian President Vladimir Putin arrives in New Delhi for the 23rd India-Russia Annual Summit on Thursday evening for a two-day state visit to India. After landing, he will go to Prime Minister Narendra Modi’s residence for dinner. The one-on-one conversation is expected to continue until about 8.30 PM. After the meeting, the Russian leader will return to his hotel for the night.
“Indian businesses and products will get a bigger market and this will also boost job creation and well-being of our farmers,” one of the sources said, indicating that expanding market access will be a key priority during talks.
Multiple agreements and MoUs are expected to be signed during Putin’s visit to India. “More co-operation also to be seen in the people-to-people relations, mobility partnerships, culture and scientific collaboration,” the sources added.
Key focus areas include shipping, healthcare, fertilisers, and connectivity, which are essential to sustaining the increased trade volume.
India’s exports to Russia stood at $4.9 billion in 2024-25, while imports were $63.8 billion in the last fiscal year, leaving a trade deficit of about $59 billion. The two sides have fixed a target of $100 billion bilateral trade by 2030.
Commerce and Industry Minister Piyush Goyal on Thursday said Russia-India bilateral trade is reaching $70 billion “but we cannot rest, we need to grow, we need to balance that,”. He said this during the India-Russia Business Forum meeting, organised by industry chamber FICCI.
He added that there are huge opportunities to expand bilateral trade between India and Russia and work towards making it more balanced.
Goyal said sectors that hold potential to boost exports from India to Russia include consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics like smartphones, industrial components, and textiles.
Meanwhile, GTRI has also said Putin’s visit aims to secure energy supplies, stabilise defence deliveries and ensure bilateral trade continues smoothly despite strong Western sanctions.
“It is a high-stakes working visit shaped by necessity to lock in energy security, stabilise defence supply lines and keep bilateral trade functioning under the weight of Western sanctions,” Global Trade Research Initiative (GTRI) founder Ajay Srivastava has said.
The presence of a massive Russian business contingent underscores the seriousness with which Moscow views the economic pivot towards India. This strategic outreach comes as both countries seek to insulate their trade mechanisms from external pressures and global economic volatility. By diversifying exports and establishing updated frameworks across multiple sectors, the summit intends to lay the foundation for a durable economic partnership that can withstand geopolitical challenges, ensuring the bilateral bond remains strong for the coming decades.
Click here to add News18 as your preferred news source on Google. December 04, 2025, 17:27 IST
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