Gurugram: India and Russia are set to deepen their economic partnership at the Russia–India Forum on December 4–5 in New Delhi, organised as part of Russian President Vladimir Putin’s official visit. Mutual trade volumes have surged nearly sevenfold over the past five years, positioning India as Russia’s second-largest trading partner by late 2024, with growing cooperation across manufacturing, energy, IT, pharmaceuticals, and agriculture.
“The Indian market is large, rapidly growing, and strategically important for Russia. Over the past five years, mutual trade volumes have surged almost sevenfold. India now ranks second among our trading partners. We are actively seeking to increase purchases of Indian goods and services,” said Anton Kobyakov, Advisor to the President of the Russian Federation, highlighting the expanding opportunities for Indian exporters.
Co-hosted by the Roscongress Foundation and FICCI under the motto “The Power of Partnership is in the Unity of Purpose. Export to Russia,” the Forum aims to convert long-standing goodwill into tangible business outcomes by expanding Indian suppliers’ access to Russian markets. “India and Russia have stood by each other for decades, and that trust is now opening new doors for our industries. With both governments targeting ambitious 2030 trade goals, this is the right moment for Indian businesses to engage Russian partners across sectors. The Forum will make it easier for Indian products to reach Russian shelves, help companies enter new markets, and support a balanced, future-ready economic partnership,” said Anant Goenka, President Elect, FICCI & Vice Chairman, RPG Group.
Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of Russia, highlighted sector-specific opportunities. “Indian culture, both traditional and modern, and Indian national brands are well known and beloved in Russia. Yet Indian goods remain underrepresented. The Forum aims to boost Indian exports and correct the trade imbalance. Russian retail chains, e-commerce platforms, and engineering companies will gain direct access to Indian manufacturers and exporters.”
The Forum’s agenda features a central plenary session on mutual trade and a series of panel discussions targeting key sectors: expanding Indian engineering products, increasing Russian purchases of Indian food products and pharmaceuticals, promoting digital services, and facilitating migration-related cooperation. These discussions are expected to identify actionable business opportunities, strengthen investment flows, and pave the way for direct engagement between Indian exporters and Russian buyers.
Financial institutions are set to play a crucial role in supporting this expansion. “The foundation for growing business ties between Russia and India is a reliable and sustainable financial infrastructure. VTB Bank, celebrating 20 years of operations in India, has become a key partner for businesses in both countries. We will expand our presence, open new offices, and ensure fast, high-quality services to support the rapidly growing trade turnover,” said Andrey Kostin, President and Chairman of VTB Bank.
By connecting businesses directly with Russian buyers and emphasising strategic collaboration across manufacturing, technology, agriculture, and services, the Forum positions Indian enterprises to capitalise on rising demand in Russia. It signals long-term governmental commitment to bilateral trade, creating a platform for actionable growth and laying the foundation for the next phase of India-Russia economic partnership.
