India runs a huge trade deficit with Russia -- in 2023-24, trade between the two countries touched $65 billion, of which India’s exports were just $4 billion and imports $61.4 billion.

India is optimistic about achieving USD 100 billion in trade with Russia before 2030, highlighting progress in logistics and payments.

External Affairs Minister S Jaishankar on Monday said a partnership between an India that has an 8 per cent growth rate for multiple decades ahead, and a Russia that is a key natural resources provider and a major technology leader,

India and Russia aim to boost trade, connectivity, and cooperation in various sectors, targeting $100 billion by 2030.

In his televised opening remarks at the 25th session of the IRIGC-TEC, Jaishankar said the trade between the two countries needs to be ”more balanced and that would require addressing current constraints and undertaking greater facilitative efforts.

Speaking at the India-Russia Business Forum in Mumbai, External Affairs Minister S Jaishankar emphasized key areas for collaboration to strengthen bilateral relations