India is on track to reach $100 billion in bilateral trade with Russia well before the 2030 target, as noted by External Affairs Minister S. Jaishankar. This growth is driven by the expansion of various sectors, including energy, commodities, and agriculture. Trade between the two countries has surged despite global economic challenges, largely due to their strategic partnership and evolving geopolitical alignment.
Source:- bbc news
Key sectors like energy and defense have been at the core of India-Russia trade, but recent years have seen diversification into new areas, including food, fertilizers, and machinery. India’s imports from Russia, particularly oil, have dramatically increased, contributing to a stronger economic relationship. Indian exports to Russia are also expanding, with a focus on pharmaceuticals, textiles, and consumer goods, signaling a balanced trade relationship.
Source:- news 18
Jaishankar highlighted that this achievement reflects both nations’ commitment to strengthening their economic ties. He attributed the accelerated trade growth to active government policies that support bilateral engagements and foster business-to-business links. Enhanced logistical and payment systems, including the rupee-ruble trade mechanism, have further facilitated smoother transactions, making trade more resilient to external disruptions.
India and Russia’s robust economic cooperation underscores a shared interest in reducing dependence on Western markets, aligning with their independent foreign policies. This mutual goal has positioned them as crucial trade partners, independent of traditional alliances. As the two countries advance towards the $100 billion mark, the success of their economic relationship is likely to set a precedent for other emerging economies pursuing strategic autonomy in trade.
With the ongoing expansion in sectors such as renewable energy and technology, India and Russia appear set to deepen their trade relations, making substantial contributions to each other’s economic resilience and growth.
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