Russian President Vladimir Putin’s landmark state visit to India has generated significant optimism among industry leaders, marking his first trip to the nation since the onset of the Ukraine conflict in 2022. The high-level discussions have centered on revitalizing bilateral trade relations, addressing existing imbalances, and identifying innovative sectors for economic collaboration.
Trade analysis reveals a substantial imbalance in current economic exchanges. According to Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIEO), India imported approximately $63 billion worth of Russian goods last year while exporting only $5 billion. “This trade is slightly skewed, so we need to balance it and diversify it,” Sahai noted, emphasizing the urgent need for structural trade reforms.
Despite a sharp decline to $2 billion during the Ukraine conflict, Indian exports to Russia have rebounded to approximately $5 billion. Industry experts identify emerging opportunities in digital payments, fintech integration, and hospitality services as promising avenues for expansion. A substantial Indian business delegation is concurrently exploring opportunities in Russia’s new-age industries, signaling mutual interest in technological exchange.
Russian industry representatives echo this enthusiasm, recognizing India’s substantial market potential. Stanislav Kislov, CEO of Science-and-Production Centre Mineral Coating Technologies LLC, expressed strong confidence in bilateral cooperation: “India presents remarkable growth potential. After twenty years of operation in Russia, we are now entering the Indian market which offers excellent prospects for our technological solutions.”
The visit represents a significant diplomatic re-engagement between the two nations, with stakeholders from both countries expressing commitment to developing more balanced trade relationships through sectoral diversification and technological collaboration.