India Russia Trade

The bilateral trade between India and Russia during 2023-24 amounted to US$ 65.69 billion

Introduction

Russia and India have been longstanding and time-tested partners. The growing India-Russia relations have effects on India's foreign policy. Since the signing of the “Declaration on the India-Russia Strategic Partnership” in October 2000, the ties have gained a qualitatively new character with enhanced levels of cooperation in almost all areas of the bilateral relationship. The two countries have maintained cooperation in areas like politics, security, defence, trade and economy, science & technology, culture, and people-to-people ties.

India-Russia Trade

• The bilateral trade between India and Russia during 2022-23 amounted to US$ 49.36 billion.
• Indian exports amounted to US$ 3.14 billion while imports from Russia amounted to US$ 46.21 billion.
• During April-May 2023-24, India’s trade with Russia saw a 161.22% increment compared with the same period last year.

Major exported items from India to Russia

• India exported 3,873 commodities to Russia in FY23.
• India’s export to Russia stood at US$ 3.14 billion in 2022-23.
• Major exported items from India to Russia include drug formulations, biologicals (US$ 416 million), residual chemical and allied products (US$ 182 million), iron and steel (US$ 159 million), marine products (US$ 148 million), bulk drugs and drug intermediates (US$ 128 million), coffee (US$ 105 million), etc during 2022-23.
• India’s export to Russia stood at US$ 2.7 billion from April-November 2023-24.
• Major exported items from India to Russia include iron and steel (US$ 229.04 million), pharmaceutical products (US$ 245.7 million), organic chemicals (US$ 226.73 million), marine products (US$ 151.26 million), coffee, tea, mate, and spices. (US$ 58.4 million), etc. during April-November 2023-24.

Major imported items by India from Russia

• India imported 983 commodities from Russia in FY23.
• Imports from Russia to India stood at US$ 46.21 billion in 2022-23.
• India's imports from Russia include petroleum; crude (US$ 31.02 billion), coal, coke, and briquettes (US$ 4.82 billion), fertilizers manufacturers (US$ 3.04 billion), petroleum products (US$ 2.96 billion), pearl, precious and semi-precious stones (US$ 1.19 billion), vegetable oils (US$ 1.00 billion), etc. during 2022-23.
• Imports from Russia to India stood at US$ 40.5 billion from April-November 2023-24.
• India’s imports from Russia include mineral fuels, mineral oils, and products of their distillation (US$ 36 billion), animal or vegetable fats and oils (US$ 863 million), fertilizers manufacturers (US$ 1.4 billion), pearl, precious and semi-precious stones (US$ 725 million), inorganic chemicals (US$ 75 million), etc. during April-November 2023-24.

Recent Trends and Developments

• In March 2023, India has long seen Russia as a reliable partner that has supported it at the United Nations (UN), played an integral role in building up Indian military capabilities across domains, and allowed it the space to practice strategic autonomy vis-à-vis the West.
• On January 31, 2022, Deputy Foreign Minister, Mr. Sergei Vershinin visited New Delhi for consultations on UNSC-related issues with Secretary (West), Mr. Sanjay Verma. He also called on Foreign Secretary following the consultations.
• The Annual Summit between the Prime Minister of India, Mr. Narendra Modi, and the President of the Russian, Federation Mr. Vladimir Putin is the highest institutionalized dialogue mechanism in the strategic partnership between India and Russia. During the last Summit held on December 6, 2021, 28 MoUs and agreements were signed. A Joint Statement titled “India-Russia Partnership for Peace, Progress and Prosperity” was also adopted. The two leaders had most recently met on the sidelines of the SCO Summit on September 16, 2022, in Samarkand, Uzbekistan.
• In 2022, External Affairs Minister, Mr. S. Jaishankar and Foreign Minister Mr. Lavrov have held five meetings so far: on April 1, 2022, during FM Lavrov’s visit to New Delhi when he also called on PM; on July 8 in Bali on the sidelines of G20 Foreign Ministers’ Meeting; on July 28 in Tashkent on the sidelines of SCO Foreign Ministers’ Meeting, in New York on September 24 on the sidelines of the 77th session of the UN General Assembly, and in Moscow on November 8.
• On July 28-29, 2022, Secretary West, Mr. Sanjay Verma visited Moscow for consultations with Deputy Finance Minister Mr. Sergei Vershinin. He also met with Deputy Finance Minister, Mr. Oleg Syromolotov to discuss issues of mutual interest in the sphere of counter-terrorism. He also held consultations on Arctic-related issues with Amb. Nikolai Korchunov, Ambassador-at-Large on Arctic issues.
• On August 16-17, 2022, NSA paid an official visit to Moscow and held consultations with his counterpart Mr. Nikolai Patrushev on a wide range of bilateral, regional, and international issues. Likewise, the two sides also maintain close cooperation at the level of Dy. NSAs
• On November 17, 2022, Deputy Finance Minister (DFM), Mr. Sergei Vershinin visited New Delhi for consultations on UN and multilateral issues with Secretary (West), Mr. Sanjay Verma. DFM also called on Foreign Secretary to brief him on Russia’s position on UN-related issues.
• Indian contingent participated in International Army Games held in August 2022 and Exercise Vostok-2022 held in September 2022 in Russia.

Economic Relations and Investments

• As per figures from the Department of Commerce, bilateral trade during Financial Year 2022-23 amounted to US$ 49.36 billion. Indian exports amounted to US$ 3.14 billion, while imports from Russia amounted to US$ 46.21 billion.
• Intensifying trade and economic relations have been identified as a priority area by both leaders. The targets of increasing bilateral investment were revised to US$ 50 billion and bilateral trade to US$ 30 billion by 2025. India received major bilateral investments from Russia in sectors like petrochemicals, oil and gas, banking, railways, and steel sectors. Indian investments in Russia are mainly in sectors including oil and gas, diamond, and pharmaceuticals.
• Minister of Defence of India, Mr. Rajnath Singh and Russian Defence Minister Mr. Sergei Shoigu, during the SCO Defence Ministers’ meeting in New Delhi, discussed bilateral defence cooperation, emphasizing military ties, and enhancing Russian industry's involvement in 'Make in India.' The leaders addressed regional peace and security, expressing satisfaction with the enduring trust between India and Russia. They pledged to strengthen their long-standing relationship.
• Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh, emphasized the global significance of BRICS due to its status as the most populated marketplace, fuelled by a knowledge, creativity, and innovation-based economy. Addressing the 11th BRICS STI Ministerial Meeting virtually, he advocated collaboration within BRICS to tackle regional scientific challenges with joint solutions tailored to local economies. Dr. Singh highlighted the National Research Foundation, approved by the Modi Cabinet, as a key mechanism to ensure equitable funding for scientific research and encourage greater private participation, urging companies to invest in R&D.

Conclusion

Recently, the two nations celebrated the 75th anniversary of their diplomatic relations. They continue to share a common strategic rationale for their relationship. Apart from bilateral synergies, India and Russia are members of various multilateral organizations including BRICS, RIC, G20, East Asia Summit, and SCO—where avenues for cooperation on issues of mutual importance exist.

Contacts

• Embassy of India in Russia
  Address: Ulitsa Vorontsovo Pole, 6-8, Moscow, Russia, 109028
  Telephone: (495) 783 7535

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