India and Russia’s economic partnership continues to strengthen, with bilateral trade reaching a record $68.69 billion in the 2025-26 fiscal year, underscoring the resilience and strategic importance of ties between the two countries.
Ahead of his visit to Russia, India’s Commerce and Industry Secretary Amardeep Singh Bhatia told Russian news agency TASS that the two nations have maintained “strong and sustainable economic cooperation” that has expanded significantly in recent years.
The record trade volume was driven largely by increased Russian exports of crude oil, fertilizers and coal, alongside growing Indian exports of pharmaceuticals and chemical products. The trade growth reflects the complementary nature of both economies despite evolving geopolitical dynamics.
Bhatia also highlighted Russia’s long-term investment commitment in India, noting that Russian energy major Rosneft has pledged more than $25 billion towards Indian oil refining and fuel retail infrastructure, reinforcing the strategic energy partnership between the two countries.
The renewed momentum follows recent remarks by Russian President Vladimir Putin, who described India as a reliable partner and praised the country’s economic growth under Prime Minister Narendra Modi. Putin also reaffirmed Moscow’s commitment to expanding bilateral cooperation and stated that external pressure on India to scale back ties with Russia had been ineffective.
Beyond energy, Russia is seeking to deepen collaboration with India through joint ventures in engineering, shipbuilding, information technology, renewable energy, oil refining and metallurgy, with several Russian companies already engaged in discussions with Indian partners.
Bhatia noted that the leadership of both countries has set an ambitious goal of increasing bilateral trade to $100 billion and mutual investments to $50 billion by 2030, describing these targets as a clear roadmap for the next phase of India-Russia economic cooperation.