India Russia Trade Deal : India and Russia have set a target of increasing bilateral trade to $100 billion by 2030. Indian Ambassador to Russia Vinay Kumar shared this information, stating that Prime Minister Narendra Modi and Russian President Vladimir Putin want to expand cooperation between the two countries. Both leaders have directed their respective governments to take the necessary steps towards achieving this goal. Particular emphasis is being placed on expanding cooperation in trade, investment and employment.

Modi and Putin Hold Important Bilateral Discussions
Indian Ambassador Vinay Kumar discussed the plans of both countries in an interview with Russian news agency TASS. He said Prime Minister Modi and President Putin discussed bilateral relations in New Delhi on September 12 and 13, on the sidelines of the BRICS summit. During their discussions, both leaders asked the relevant ministries and agencies to work together across various sectors, including trade and commerce. The objective is to further strengthen relations between the two countries.

Both Countries Target $50 Billion Investment
India and Russia are not limiting their ambitions to increasing trade alone. Both countries also aim to raise bilateral investment to $50 billion by 2030. According to Ambassador Vinay Kumar, both sides are working towards achieving this target. Increased trade and investment could create new opportunities for businesses while strengthening economic ties between the two countries.

Indian Workers Could Gain Greater Opportunities in Russia
Russia needs skilled workers across several sectors, and India wants to play an important role in meeting this demand. Vinay Kumar stated that Indians account for approximately 25% to 30% of the quota allocated to foreign workers in Russia. India is preparing to expand its role in this area by drawing on its large and young workforce. This could create additional employment opportunities for Indian workers seeking jobs in Russia.

India Aims to Become Global Skilled Workforce Hub
The ambassador said that India, with a population of approximately 1.5 billion, has the potential to become a global hub for skilled workers. The average age of India's workforce is around 29, and working-age people make up a substantial share of the country's population. India could therefore supply trained workers to meet the needs of other countries. Labour cooperation with Russia is being viewed as an important step in this direction.

India's Crude Oil Imports From Russia Decline
Amid plans to expand bilateral trade, India's crude oil imports from Russia have declined in recent months. According to an analysis by Kpler based on vessel movement data, India imported approximately 1.82 million barrels of Russian crude oil per day in September. During the same period, China's imports stood at around 1.49 million barrels per day. India imported approximately 2.6 million barrels per day in June and 2.57 million barrels per day in July. The figure fell to around 2.02 million barrels per day in August. Compared with July, India's Russian crude oil imports declined by approximately 29% in September.