On April 2, Denis Manturov, Russia’s First Deputy Chairman, arrived in India for a two-day official visit. His main goal? To strengthen ties between India and Russia across various sectors. Manturov will co-chair the India-Russia Intergovernmental Commission, which focuses on trade, economic, scientific, technological, and cultural cooperation.
The Ministry of External Affairs welcomed Manturov, highlighting his meetings with India’s External Affairs Minister Dr. S. Jaishankar and other officials. This visit is more than just courtesy; it signifies important negotiations that could shape the future of both nations.
During his meetings, Manturov emphasized improving trade and economic ties, focusing on stability in financial transactions and logistics. He mentioned the goal of achieving $100 billion in bilateral trade by 2030, as outlined in the Economic Cooperation Programme established in December 2025. As part of these discussions, both parties will explore practical steps to reach this ambitious target.
As of FY 2024–25, trade between the two countries stood at about $68.7 billion, but it’s heavily skewed. Russian exports accounted for over $63.8 billion, while India’s exports were less than $5 billion. A significant factor driving this imbalance is India’s reliance on discounted Russian crude oil, which has increased from about 2.5% of its imports to roughly 35.8%. This shift is part of India’s strategy to secure energy supply while managing domestic inflation.
Importantly, both nations aim to diversify their collaboration beyond energy and defense. New areas of focus include tech fields such as artificial intelligence, digital finance, and cybersecurity. India is also expanding its energy partnerships, reducing its dependency on single sources by engaging with 41 countries. This approach not only boosts energy security but also supports India’s economic independence.
Looking ahead, Russia’s Deputy Foreign Minister confirmed that President Vladimir Putin is likely to attend the upcoming BRICS summit in India. There is a commitment from Russia to honor existing oil contracts despite any recent export bans. Both countries are keen on maintaining strong diplomatic ties, with hopes of mutual visits from their leaders.
In essence, this visit is a critical moment in India-Russia relations, reflecting their commitment to deepening cooperation in various fields . As both nations navigate a changing global landscape, their partnership continues to evolve, signaling a significant collaboration for the future.
