Some Indian exporter associations may meet with a Russian trade delegation during President Vladimir Putin’s visit to New Delhi, possibly in the presence of Prime Minister Narendra Modi, people familiar with the development said.
The engagement could be in the form of a roadshow or an exhibition of select exporters on December 4, followed the next day by meetings between 75 Indian business leaders and a similar number of Russian executives, with both leaders in attendance, the people said, requesting anonymity.
The Russian President will make a state visit to India on December 4-5 for the 23rd India–Russia Annual Summit, India's external affairs ministry said on November 28.
During the visit, Putin will hold talks with Prime Minister Modi. The visit will provide an opportunity for the leadership of India and Russia to review progress in bilateral relations, set the vision for strengthening the ‘Special and Privileged Strategic Partnership’ and exchange views on regional and global issues of mutual interest, the statement said.
Putin’s visit comes at a time when India’s purchases of Russian oil have plunged by around 50 percent for most of November from October, according to data from analytics firm Kpler.
The sharp drop is due to recent US sanctions on Russian refiners Rosneft and Lukoil, which are likely to temporarily reshape India’s crude import flows, even if they do not alter New Delhi’s long-term strategy of maintaining a diversified, cost-advantaged supply mix.
India is also working to diversify its export basket amid steep 50 percent tariffs imposed by the US on most of its goods, and is pursuing a free trade deal with the Russia-led Eurasian Economic Union.
India and the EAEU bloc, on August 20, signed the terms of reference (ToR) to launch negotiations for an FTA in Moscow. ToR provides a framework for talks.
The step came amid growing trade between India and the EAEU, which stood at $69 billion in 2024, a 7 percent increase over 2023.
India and Russia have also pledged to increase bilateral trade to over $100 billion by 2030 during Prime Minister Narendra Modi's Moscow visit in 2024.
Total merchandise trade between India and Russia was worth $68.7 billion in FY25, a growth of 5 percent on-year.
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