India & Russia Target $100 Billion Trade by 2030 Amid Geopolitical Balancing Act with US

India and Russia Chart Course for US$100 Billion Trade by 2030

In a significant move to strengthen bilateral ties, India and Russia have committed to elevating their annual trade volume to an ambitious US$100 billion by 2030. This announcement came after the 23rd Russia-India Summit, where Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi in Delhi. The leaders unveiled a comprehensive economic cooperation program set to guide their mutual business diversification efforts over the next seven years.

Summit Highlights and Geopolitical Context

The summit, held on Friday, December 6, 2025, served as a crucial platform for both nations to reaffirm their longstanding partnership, particularly in the face of persistent pressure from the United States for India to reassess its historical alliance with Moscow. The US has been actively promoting a Ukraine peace deal while seeking broader global cooperation, creating a delicate geopolitical tightrope for New Delhi to walk as the conflict in Ukraine continues into its fourth year.

Prime Minister Modi extended a warm reception to President Putin upon his arrival in Delhi on Thursday, greeting him with a notable 'bear hug' and a firm handshake, signaling the enduring warmth of their personal and national relationship. Beyond trade, the leaders placed strong emphasis on their robust energy collaboration.

Deepening Energy Ties and Addressing Trade Imbalance

President Putin underscored Russia's role as a reliable energy supplier, stating, "Russia is a reliable supplier of energy resources and everything necessary for the development of India’s energy sector." This commitment is vital as India seeks to fuel its rapidly growing economy.

While bilateral trade reached US$68.7 billion in the financial year ending March, a substantial increase from previous years, it currently exhibits a significant imbalance, heavily favoring Russia. India is keen to address this trade deficit by boosting its exports, and the new economic cooperation program aims to facilitate this diversification and achieve a more equitable trade relationship.

Boosting Tourism and People-to-People Connections

The agreement also includes a measure to foster stronger people-to-people connections and tourism, with India announcing free electronic visas for Russian tourists. This initiative is expected to further enhance cultural exchange and economic activity between the two nations as they work towards their shared economic goals.