Russia has been filling India’s tankers, now India wants to fill Russian shopping lists

• India imported $55.4 billion from Russia in FY2025-26 while exports stood at less than $5 billion.
• More than 80 per cent of India's imports from Russia were crude oil.
• India now wants pharmaceuticals, engineering goods, auto components, food and other exports to help close the gap.

Russia has become one of India's biggest suppliers. India now wants to become a much bigger supplier to Russia.

That was one of the economic questions hanging over Prime Minister Narendra Modi's meeting with Russian President Vladimir Putin in New Delhi today.

India and Russia are targeting $100 billion in annual bilateral trade by 2030. Current trade is around $60 billion. Reaching the target means finding another $40 billion in business over the next four years.

The difficult part is not simply increasing the number. It is changing what sits behind it.

India's trade with Russia reached about $59.9 billion in FY2025-26. Indian exports were around $4.9 billion while imports from Russia were about $55.4 billion. That left India with a trade gap of roughly $50.5 billion.

Crude oil accounts for more than 80 per cent of India's imports from Russia. India's dependence on Russian oil grew sharply after the Russia-Ukraine war began in 2022 when Russian crude became available to Indian refiners at discounted prices.

That has made Russia an enormous supplier to the Indian economy.

The reverse flow remains comparatively small.

Commerce and Industry Minister Piyush Goyal has now made it clear that India wants to change that.

“Our non-energy trade in both directions remains far smaller than it should be,” Goyal said according to a government statement. He described this as the headroom between the current $60 billion trade level and the $100 billion target.

What does India want Russia to buy?

The answer is surprisingly broad.

India wants to increase exports of pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products and auto products.

There are already signs of demand in some categories. India's exports of meat and edible meat products to Russia more than doubled to $97 million. Fish and aquatic product exports rose to $159 million. Exports of edible vegetables reached $54 million while coffee, tea and spices reached $116 million.

Goyal also pointed to pharmaceuticals, auto components and tractors as areas where India has strong global export capabilities but has not yet captured a significant share of the Russian market.

That is the opportunity India is now trying to unlock.

The proposed reset is not only about selling more Indian products to Russia.

India also wants Russian companies to manufacture in India.

Goyal has invited Russian businesses to use India's industrial corridors and plug-and-play infrastructure. He has also highlighted India's young workforce and skilled labour as an advantage for Russian companies.

At the same time Indian companies are being encouraged to enter Russia as investors rather than simply exporters.

There are currently 40 live India-Russia investment projects being tracked across advanced manufacturing, energy, mining, railways and emerging technologies. The two countries are also targeting $50 billion in two-way investment by 2030.

Goyal has also called for greater Indian investment in Russian pharmaceuticals, IT, artificial intelligence, services and railways.

That could gradually change the relationship from one dominated by energy imports into one involving manufacturing, investment and technology on both sides.

Oil is still at the centre

None of this means oil is disappearing from the relationship.

India continues to rely heavily on Russian crude. Reuters reported that Russian oil accounted for a record 51 per cent of India's crude imports in July 2026 as disruptions to Middle Eastern supplies increased reliance on Russian shipments.

Russia also remains important to India for fertilizers and other commodities.

At the Modi-Putin meeting the two leaders reviewed cooperation in trade, energy, defence, space and people-to-people ties. They also discussed civil nuclear cooperation, critical minerals, manufacturing, railways and steel.

The first INNOPROM India industrial exhibition is also being held in New Delhi from September 9 to 11. Modi and Putin visited the exhibition and interacted with participants as the two countries looked to expand industrial partnerships.

The economic ambition therefore goes well beyond the $40 billion gap.

India wants Russian companies to invest and manufacture here. It wants Indian companies to find new customers in Russia. It wants more products to move in both directions. It wants greater cooperation in critical minerals and nuclear energy. It wants skilled Indian workers to have greater access to the Russian market.

The two countries are also working towards smoother payment mechanisms and an India-Eurasian Economic Union free trade agreement.