Russian President Vladimir Putin arrived in New Delhi for a two-day state visit aimed at boosting trade and expanding the range of items exchanged between India and Russia. This visit is significant as it is Putin’s first to India in four years, focusing on increasing sales of Russian oil, missile systems, and fighter jets while also trying to enhance business ties beyond energy and defense. Indian Prime Minister Narendra Modi welcomed Putin warmly at the airport, and the leaders are set to hold talks, including a private dinner.
India and Russia plan to grow their trade to $100 billion by 2030, with commerce increasing from about $13 billion in 2021 to nearly $69 billion in 2024-25, driven largely by Indian energy imports. However, bilateral trade eased to $28.25 billion recently due to a decline in crude oil imports linked to tariffs and sanctions from the U. S. India is seeking new markets after facing high tariffs on its goods, especially concerning its purchases of Russian oil, which the U. S. claims finances Russia’s military actions.
Russia is interested in importing more goods from India to balance trade, which currently favors energy. The Deputy Kremlin Chief of Staff expressed a strategic commitment to increasing Indian goods and services imports. Indian Trade Minister Piyush Goyal emphasized the need for trade diversification, including sales of automobiles, electronics, textiles, and food. Russian Agriculture Minister Oksana Lut noted interest in importing Indian shrimp, rice, and tropical fruits, highlighting India’s potential to boost its market share in Russian shrimp imports, which is currently only 20%.
With information from Reuters
