Russian President Vladimir Putin and Indian Prime Minister Narendra Modi (file picture)
| Photo Credit:
ALEXANDER KAZAKOV
Bridging India’s widening trade deficit is set to top the discussion agenda during Russian President Vladimir Putin’s two-day visit to the country with a strong focus on new export opportunities for Indian businesses even as Moscow hopes to secure its defense and energy partnership amid US tariffs, sources said.
“During the visit, Putin’s high-power delegation of senior ministers and a large business contingent representing multiple sectors, will discuss `new opportunities for Indian business to sell to Russia’ in a roadshow and hold dedicated sessions on cooperation in areas such as pharmaceuticals, healthcare and food supplies,” a source tracking the matter told businessline.
`Russia-India Forum’
Opportunities will also be outlined at the `Russia-India Forum’ in sectors such as IT & digital services, agriculture and processed food, human resources and education by Russian Ministers covering key sectors such as economic development, industry & trade, agriculture, health and digital development & communication, the source added. “There will also be structured business-to-business meetings for targetted business alliances,” the source said.
Putin and Indian Prime Minister Narendra Modi, who will hold summit talks during the visit, are expected to give a push to the negotiations for the proposed India-EAEU free trade agreement, that comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, the source said.
With US tariffs of 50 per cent, which includes 25 per cent penalty for purchase of Russian oil, making it difficult for Indian exporters to send shipments to the country, Russia and other members of the EAEU bloc, including Belarus, Kazakhstan, Armenia and Kyrgyzstan, are promising options for market diversification.
In FY25, India’s imports from Russia totalled $ 63.84 billion while exports were at $ 4.88 billion widening the trade deficit to about $59 billion. New Delhi has been insisting that addressing the deficit should be given priority.
Putin’s visit to India on December 4-5, after four years, is significant with US President Donald Trump’s recent imposition of sanctions on two of the country’s largest oil companies and levy of penalty on India for purchasing oil from Moscow and allegedly fuelling Russia’s war against Ukraine.
The Russian President is keen to continue supplying oil to India and also discuss sale of additional units of S-400 air defence missile systems. He is also expected to discuss more avenues for trading in local currency to avoid the West’s sanctions.
“As India has continued its oil purchases from Russia despite US pressure, it is only fair that Moscow, too, makes an attempt to increase imports from India, which remains abysmally low. The Russian President’s visit with top ministers and businesses is geared towards increasing sourcing from India,” an industry official said.
Published on November 30, 2025
