Russian President Vladimir Putin’s visit to India has garnered significant attention from industry leaders, who see it as a potential turning point in trade relations between the nations. Experts highlight that the talks aim to enhance bilateral trade, balance imports and exports, and explore new areas of collaboration in technology and industry.
Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIEO), noted that while India’s trade with Russia is currently unbalanced, it is showing improvement. “Last year, India imported about $63 billion from Russia, while exports were $5 billion. This trade imbalance needs addressing and diversification,” he told ANI. Sahai emphasized efforts to introduce new sectors to bolster India’s export base and reduce reliance on a limited number of commodities.
He mentioned that India’s exports to Russia, which had fallen to around $2 billion during the Ukraine conflict, have now increased to approximately $5 billion. “Diversification involves introducing new sectors and boosting exports in existing ones… Emerging fields like digital payments, fintech, and hospitality will help expand and diversify trade,” he explained. Sahai added that the large Indian delegation visiting Russia aims to increase exports and explore opportunities in cutting-edge industries.
Conversely, Russian industry leaders view India as a promising and expanding market. Stanislav Kislov, CEO of Science-and-Production Centre Mineral Coating Technologies LLC, expressed optimism about business cooperation. “I am thrilled to visit India. We offer compelling technology and industrial potential. Having operated in Russia for 20 years, we are now entering the Indian market, which presents excellent growth potential,” Kislov told ANI.
This marks the Russian President’s first state visit to India since the Ukraine conflict started in 2022, with his last visit being in December 2021.
