India-Russia Relations
India and Russia share a strong and longstanding strategic partnership that encompasses a wide range of areas including economic, defense, political, and cultural cooperation. This relationship has evolved significantly over the years, characterized by high trade volumes, substantial investments, and strategic collaborations.
Trade Volume
The bilateral trade between India and Russia reached an all-time high of $65.7 billion in the 2023-24 financial year, representing a 33% increase from the previous year (Reuters, 2024). This substantial growth highlights the robust economic ties between the two nations.
Trade Composition
India’s Exports to Russia: Major exports from India to Russia include pharmaceuticals, organic chemicals, electrical machinery, iron & steel, and marine products (Indian Embassy Moscow, 2024; IBEF, 2024).
Russia’s Exports to India: Russia’s primary exports to India consist of crude petroleum, coal, fertilizers, mineral resources, and precious stones (Indian Embassy Moscow, 2024; IBEF, 2024).
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