Russia keen on boosting investment in India

Russia is keen to further strengthen its economic ties with India, enhance its investments and is willing to import more Indian goods and services to have a balanced and mutually-beneficial long-term bilateral trade, people aware of meetings of Russian delegations with Indian ministers and industry, said.

- Rajeev Jayaswal

While the visiting Russian delegation led by Russian Federation’s first deputy prime minister Denis Manturov discussed investment and banking issues with finance minister Nirmala Sitharaman on Thursday, Russia’s deputy chief of staff in the presidential executive office Maxim Oreshkin jointly addressed the India-Russia Business Forum with commerce minister Piyush Goyal at Bharat Mandapam. The Forum was organised around the theme “Sell to Russia”.

The two countries are aiming to boost their bilateral trade to $100 billion by 2030 from the current level of $70 billion, the people mentioned above said, asking not to be named. “Visiting Russian delegations are more interested in importing goods and services to boost trade rather than selling hydrocarbons. The intent is to have a balanced and equitable trade relation, which will be stronger, strategic and durable,” one of them said.

According to the commerce ministry's data, India’s merchandise exports to Russia stood at less than $4.9 billion in 2024-25, while it imported goods worth $63.8 billion that year, leading to a trade deficit of over $59 billion, mainly on oil imports.