Statistical Overview (2020β2025)
π Executive Summary
The last five years (2020β2025) have witnessed a paradigm shift in India-Russia economic engagement. While defense and nuclear energy remain foundational pillars, bilateral trade has undergone explosive growth, primarily driven by India's energy procurement.
Total bilateral trade surged from approximately $8-10 billion in 2020 to a record $68.7 billion in FY 2024-25. The relationship is currently characterized by a massive trade surplus in Russia's favor, prompting a new strategic focus on diversifying Indian exports.
Total Trade (FY25)
$68.7 B
Historic High
2030 Target
$100 B
Revised Target
Trade Deficit
~$59 B
India's Perspective
The Trade Explosion
Comparing historical baselines with the post-2022 energy surge.
Bilateral Trade Trajectory (2020-2030)
Exponential growth driven by energy, aiming for $100B.
The Trade Imbalance
FY 2024-25 Composition (USD Billion).
Commodity Basket
Breakdown of top imports and exports (FY 2024-25).
π₯ Top Imports from Russia
Dominated by Crude Oil ($57B).
π€ Top Exports to Russia
Led by Engineering Goods ($1.3B).
Strategic Pillars
Defense, Energy Security, and Investment.
Defense
π‘οΈ- β S-400 Triumf: Delivery ongoing.
- β AK-203 Rifles: Production at Korwa (600k+ target).
- β RELOS Pact: Ratified Dec 2025.
Energy
π’οΈ- β Surge: From <2% (2021) to ~36% (2025).
- β Nuclear: Kudankulam Unit 3 fuel delivered.
- β Benefit: $3-$10/bbl discount.
Investments
π°Target: $50B (Largely Met)
Vision 2030: The Road Ahead
Key outcomes from the 23rd Annual Summit.
Economic Roadmap 2030
Formalizing long-term economic integration beyond buyer-seller dynamics.
$100 Billion Trade Target
Diversifying exports (Pharma, Auto, Food) to balance trade.
Labor Mobility Pact
Facilitating skilled Indian manpower for Russia's labor shortage.
Connectivity Corridors
Chennai-Vladivostok Maritime Corridor & Northern Sea Route utilization.