The role of India’s private sector in economic relations with Russia (1991-2024)
Hindustan TimesIndia and Russia are showing an appetite for continued economic engagement. Russian President Vladimir Putin embraces Indian Prime Minister Narendra Modi during their meeting on the sidelines of the Brics Summit in Kazan, Russia In 2023, India’s trade with Russia was recorded at $65 billion, significantly higher than the $12.34 billion in 2022, and more than double the target of $30 billion set by both countries in 2019. In recent years, two factors have influenced this growing economic relationship—first, Russian aggression in Ukraine since 2014 has resulted in a series of sanctions and trade restrictions, limiting its access to the European market; and second, economic growth in India has generated a higher demand for commodity goods such as metals, energy, and agricultural products. Amid continued western sanctions, Russia will increasingly turn towards its east, including India, to bolster its economic interests. In July 2024, India and Russia set a bilateral trade target of $100 billion by 2030.