NEW DELHI: Russian President Vladimir V Putin confirmed that, to narrow the massive trade deficit with India, Russian businesses will ramp up the supply of Indian goods, and both governments have agreed to work on reducing challenges created by tariff and non-tariff barriers. Meeting in New Delhi on Friday at the 23rd India-Russia Summit, the two countries, along with several delegates from both sides, set an ambitious goal of reaching $100 billion in trade by 2030, or earlier.

“Given the significant trade deficit of Russia, Russian businesses and companies are ready to manifold increase the supply from India of goods and services,” said Putin during his address at the summit.

India has repeatedly run into non-tariff hurdles—whether related to certification, payments, or billing—when exporting to Russia. Over the past five years, Russia’s exports to India have expanded nearly twelvefold, while Indian exports to Russia have risen by only about 84% in the same period. As a result, India’s trade deficit with Russia has grown almost twenty times, reaching nearly $60 billion in FY 2024-25.

To strengthen economic ties, the Russian President assured that, “It will only be logical if our approach can integrate a greater supply of Indian products to Russia.”