Russia-India Trade Surge: A New Era of Economic Partnership

Russia and India have reached a record USD 66 billion in bilateral trade in 2024, with aims to hit USD 100 billion by 2030 through diversified collaborations. Key sectors for growth include railways, IT, and AI, amid opportunities arising post-Ukraine conflict for Indian businesses in Russia.

The economic relationship between Russia and India has hit a historic high, reaching USD 66 billion in trade for 2024, a fivefold increase over the last five years. This marks a significant 9% rise in the first eight months of the year alone, according to senior Russian diplomat Maxim V. Kozlov.

Speaking at an event organized by the Bharat Chamber of Commerce in Kolkata, Kozlov expressed confidence in achieving the USD 100 billion trade target by 2030. Expanding collaborations across railways, pharmaceuticals, IT, and cybersecurity are key to reaching this goal.

Furthermore, with Western brands exiting the Russian market post-Ukraine conflict, new opportunities have emerged for Indian businesses. Emphasizing strategic partnerships, Kozlov highlighted the importance of focusing on AI, robotics, urban development, and critical metals to transform both nations into global tech leaders.

(With inputs from agencies.)