India-Russia ties enter a new economic axis under PM Modi's strategic leadership

What truly stands out is the labour mobility pact. The pact allows Indian professionals to work across Russian sectors hungry for talent.

- PRADEEP BHANDARI

New Delhi witnessed a spectacle that went far beyond diplomatic protocol: a hug in the limousine, folded hands at the airport ramp, lamps flickering "Welcome Putin" across the Ganges, and a warmth that instantly signalled where Bharat stands in the shifting chessboard of global power.

At a moment when global pressure continues to mount, Bharat chose its own path, its own priorities, and its own partnerships. And at the centre of that sovereign assertion stood Prime Minister Narendra Modi.

At the heart of this visit was a hard economic truth: India exports barely $5 billion to Russia, even as bilateral trade has ballooned to about $69 billion by March 2025, up from a modest $8 billion in 2020. The surge is driven almost entirely by India's discounted crude imports, a pragmatic decision that has strengthened India's energy security, softened inflation, and protected household budgets during global price shocks.

But this imbalance is unsustainable for a long-term partnership. The PM Modi-Putin joint statement acknowledges this reality with unusual candour: trade barriers must be removed, payment mechanisms must be stabilised, and a free trade agreement with the Eurasian Economic Union must be accelerated. What PM Modi has essentially done is convert a structural weakness into an opportunity, pushing Russia to open its vast market to Indian pharma, machinery, food processing, automobiles, textiles, and digital services.