Russian President Vladimir Putin’s visit to India has garnered significant attention from industry leaders, who see the trip as a potential new chapter in trade relations between the two countries. Industry experts note that discussions are centered on enhancing bilateral trade, balancing imports and exports, and identifying new areas for cooperation in technology and industry.
Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIEO), stated that while India’s trade with Russia remains uneven, it is showing signs of improvement. “If we look at India’s trade, last year we imported approximately $63 billion from Russia. Our exports are $5 billion. As the minister mentioned, this trade is slightly skewed, so we need to balance it and diversify it,” he said in an interview with ANI. Sahai added that efforts are underway to introduce new sectors to strengthen India’s export base and reduce reliance on a few key commodities.
He highlighted that India’s exports to Russia, which had dropped to nearly $2 billion during the Ukraine conflict, have now increased to about $5 billion. “Diversifying will require us to introduce new sectors and increase our exports in existing sectors… New emerging segments such as digital payments, fintech integration, and hospitality… will also emerge, aiding us in expanding and diversifying trade,” he explained. According to him, the large Indian delegation visiting Russia is focused on increasing Indian exports while exploring opportunities in new-age industries.
Meanwhile, Russian industry representatives view India as an attractive and growing market. Stanislav Kislov, CEO of the Science-and-Production Centre Mineral Coating Technologies LLC, expressed optimism about business cooperation between the two countries. “I am very glad to visit India. We have very interesting technology and industrial potential for India. We have worked in Russia for 20 years, and now we are beginning to enter the Indian market. In my opinion, it’s a very interesting market because India offers very good potential for growth,” Kislov said in an interview with ANI.
The Russian President’s state visit to India marks his first visit since the Ukraine conflict began in 2022. His last visit to the country was in December 2021.
