Trade gap set to rule talks with Putin

ADDRESSING INDIA'S LARGE trade deficit with Russia, keeping the oil trade going and deeper cooperation in the nuclear power and defence sectors would be the key agenda items during Russian President Vladimir Putin’s two-day state visit to India starting Thursday, official sources said.

- MUKESH JAGOTA

Several government-government and business partnership agreements are expected to be signed during the visit.

Since the goods trade deficit is now massively in favour of Russia (close to $60 billion annually), both sides are working on increasing India’s exports of goods and services to Russia, Kremlin spokesman Dmitry Pescov said at a press conference, ahead of the presidential visit.

On Wednesday, a business meeting would be held between Indian and Russian companies to look for ways to increase India’s exports.

Of the total bilateral trade of $68.7 billion in 2024-25, India's exports were just $4.8 billion and imports a sizeable $63.8 billion.

Of the inward shipments, oil imports, which skyrocketed in recent years, accounted for $56.8 billion in the last fiscal.