Strengthening Ties: India and Russia's Growing Bilateral Relations

The enduring partnership between India and Russia has evolved significantly over the past 78 years, with a focus on expanding cooperation beyond traditional military and nuclear domains. As President Vladimir Putin embarks on a two-day visit to India, discussions are set to revolve around boosting bilateral trade, which has reached a record $68.7 billion. Both nations are committed to achieving a target of $100 billion in trade by 2030, alongside strengthening defense ties and exploring new avenues for collaboration. This article delves into the key aspects of this strategic partnership and the ambitious goals set by both countries.

By Narendra Chaudhary Dec 4, 2025, 15:11 IST

Enduring Partnership Between India and Russia

New Delhi, Dec 4: The bilateral relationship between India and Russia has demonstrated remarkable resilience and stability over the past 78 years, underpinned by a mutual commitment to a multipolar world. This partnership is set to expand beyond traditional areas such as military, nuclear, and space cooperation, as highlighted in an official statement prior to Russian President Vladimir Putin's two-day visit to India.

In recent years, trade between the two nations has seen significant growth. During President Putin's visit, discussions will focus on enhancing Indian exports and exploring new cooperation models.

Both nations aim to bolster inter-regional collaboration, particularly with the Russian Far East, and promote connectivity initiatives like the International North-South Transport Corridor, the Chennai-Vladivostok Eastern Maritime Corridor, and the Northern Sea Route, as per the official statement.

The synergy between Russia's eastern pivot, its resources, and technology aligns well with India's flagship initiatives such as 'Atmanirbhar Bharat' and 'Make in India', according to the statement.

During External Affairs Minister S. Jaishankar's visit to Moscow in August, India and Russia accelerated efforts to reach a $100 billion bilateral trade target by 2030, which includes discussions on the India-EAEU FTA and the establishment of two new Indian consulates in Russia.

In 2025, India and Russia advanced their sectoral cooperation through various high-level engagements, including maritime consultations and Russia's participation in India Energy Week 2025.

The maritime consultations held in New Delhi on November 17, 2025, led by Minister Sarbananda Sonowal and Nikolai Patrushev, reviewed shipbuilding, port development, logistics, and Arctic cooperation. Both sides reaffirmed their strategic partnership and agreed to enhance collaboration to create a resilient, efficient, and sustainable maritime framework that supports long-term connectivity and growth.

The primary mechanism for enhancing trade and economic cooperation is the India-Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC), co-chaired by the Indian External Affairs Minister and Russia's First Deputy Prime Minister Denis Manturov.

The 26th session of the IRIGC-TEC took place on August 20, 2025, in Moscow, focusing on addressing tariff and non-tariff trade barriers, improving logistics, promoting connectivity, and ensuring smooth payment mechanisms. The session also emphasized the timely finalization and execution of the Economic Cooperation Programme until 2030.

Additionally, the session highlighted the importance of concluding the India–Eurasian Economic Union FTA, with finalized terms of reference, and the necessity for regular business interactions to achieve the revised bilateral trade target of $100 billion by 2030.

Following the plenary session, the Protocol for the 26th Session of IRIGC-TEC was signed by the co-chairs. Both nations are working towards ambitious goals set by their leaders: $50 billion in mutual investments by 2025 and $100 billion in annual bilateral trade by 2030.

Bilateral trade has surged, reaching a record $68.7 billion in FY 2024-25, with Indian exports totaling $4.9 billion, primarily in pharmaceuticals, chemicals, iron and steel, and marine products. Conversely, imports from Russia amounted to $63.8 billion, mainly consisting of crude oil, petroleum products, sunflower oil, fertilizers, coking coal, and precious stones.

Trade in services has remained stable, amounting to $1.021 billion in 2021. Bilateral investments are robust, with a target of $50 billion by 2025. Major Russian investments in India are in oil and gas, petrochemicals, banking, railways, and steel, while Indian investments in Russia focus on oil, gas, and pharmaceuticals.

The statement also underscores that defense is a crucial aspect of the strong friendship and strategic partnership between India and Russia. The extensive military technical cooperation has evolved from a buyer-seller model to one involving joint research, development, and production of advanced defense technologies and systems.

Russia remains a key supplier of defense equipment, engines, spare parts, and components. Several defense platforms, such as T-90 tanks and Su-30 MKI aircraft, are assembled or produced in India. Both nations are also exploring co-development and co-production of defense equipment, including the potential for exports, such as the BrahMos missile system.