Russian President Vladimir Putin is visiting India next week. He will visit India for two days on December 4 and December 5. During the visit, he will also meet Prime Minister Narendra Modi and President Draupadi Murmu. During this time, there is a possibility of discussion not only on trade relations between the two countries but also on the ongoing developments in the global world. Trade between India and Russia takes place on a large scale. Let us understand the trade relations and export-import data between the two countries in this news.
India-Russia trade relations
The main government mechanism to increase trade and economic cooperation between India and Russia is IRIGC-TEC. The 25th session of IRIGC-TEC was held on 12 November 2024 in New Delhi. During this, First DPM Manturov met the Prime Minister and also held a meeting with the Finance Minister and NSA. The leaders of both India and Russia have said that rapidly expanding trade and economic relations is their priority. Both have set a target that bilateral investment should reach 50 billion dollars by 2025 and bilateral trade should reach 100 billion dollars by 2030.
bilateral trade
Bilateral trade between India and Russia reached a record level of $68.7 billion in the financial year 2024-25. In this, India’s export was 4.9 billion dollars and import from Russia was 63.8 billion dollars. The things that India exports include pharmaceuticals, organic and inorganic chemicals, iron-steel and marine products. At the same time, the imports from Russia to India include oil and petroleum products, vegetable oil, fertilizers, coking coal, precious metals and stones. India-Russia bilateral trade in FY 2024-25 stood at $68.7 billion, which is about 5.8 times more than the pre-pandemic trade of $10.1 billion. India’s exports are worth 4.88 billion dollars and imports from Russia are 63.84 billion dollars.
These products are also imported and exported
India exports agri-products like fish, shrimp, rice, tobacco, tea, coffee, grapes, chemicals, pharma, iron-steel, ceramic products, aircraft parts, machinery, glass and glassware, clothes-knitwear, leather products, rubber items, electrical machinery and surgical tools. Whereas, if we talk about Russia, it supplies India with oil and petroleum products, fertilizers, mineral fuels, mineral wax, machinery, equipment, precious stones-metals, wood, pulp and paper products, metals and vegetable oils. Services trade between the two countries has been stable for the last five years and in this matter the balance is in favor of Russia.
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