India, Russia Set to Ink Major Mobility and Economic Deals During Putin’s Visit

High-stakes summit in New Delhi targets boosting Indian exports and achieving ambitious trade goals.

Indian officials confirmed on Tuesday a number of agreements. These pacts will focus mainly on economic matters. They will be signed during President Vladimir Putin’s state visit. This visit is for the 23rd India-Russia Annual Summit. The summit will take place in New Delhi on December 4-5.

Strengthening Economic Cooperation

Russian President Vladimir Putin is visiting India this week. This is expected to strengthen “mutually beneficial” economic cooperation. Officials said this visit should boost Indian exports. It will cover a wide range of sectors. Prime Minister Narendra Modi and President Putin will co-chair the 23rd India-Russia Annual Summit. The meeting is scheduled for Friday in New Delhi.

India and Russia are focused on a $100 billion trade target. The two leaders set this goal. They aim to achieve it by boosting Indian exports to Russia. Key areas include pharmaceuticals, processed food, and consumer goods. Bilateral trade hit a record $68.7 billion in 2024-25. Indian exports were $4.9 billion. Imports from Russia made up $63.8 billion.

Russian oil exports mostly drive current trade figures. The US imposed a 25% additional tariff on New Delhi. This was for buying Russian oil. Sanctions on Russian oil companies, Rosneft and Lukoil, also kicked in. This happened on November 21. Indian officials repeated that energy sourcing is key. Decisions are based on securing supplies at best prices. Market factors, including sanctions, are also considered.

Boosting Connectivity and New Routes

Officials also highlighted new connectivity projects. The International North South Transport Corridor (INSTC) is one. The Chennai-Vladivostok Corridor is another. These have increased trade volumes. The INSTC route saw a recent surge. This includes Russian coal and fertiliser exports to India. Technical discussions are ongoing among experts. They aim to use the full potential of INSTC.

Cooperation on the Northern Sea Route (NSR) is a major area. This includes making ice-breakers. Training of Indian seafarers is also included. This is likely to be discussed by the leaders. Prime Minister Modi and President Putin will meet on Friday.