India and Russia maintain strong and resilient economic cooperation that has grown by leaps and bounds in recent years, India’s Commerce and Industry Secretary Amardeep Singh Bhatia told TASS news agency ahead of his visit to Russia.

"Ours is a strong and sustainable economic co-operation, which has seen significant growth in recent years," stated Bhatia.

Bilateral trade between the two countries in the 2025-2026 fiscal year reached a record $68.69 billion, driven primarily by Russian crude oil, fertilizers and coal exports, alongside India's pharmaceutical and chemical products. 

Russian companies like Rosneft have also committed over $25 billion toward Indian oil refineries and retail infrastructure, thus reflecting the resilience, complementarity, and strategic nature of the economic partnership, he noted.

Recently, Russian President Vladimir Putin had praised India’s economic growth and described New Delhi as a reliable partner, reaffirming Moscow’s commitment to expanding cooperation with India. 

Putin said India’s economic progress reflects the efforts of the government under Prime Minister Narendra Modi’s leadership. He also asserted that Western attempts to pressure India into reducing ties with Russia are ineffective and harmful to global stability.

Russia, he stated, was actively seeking to broaden its commercial engagements with India by pursuing joint ventures in sectors outside the conventional energy domain. Several Russian companies are in discussions with Indian partners to establish collaborative ventures that span industries such as engineering, shipbuilding, information technology, renewable energy, oil refining and metallurgy.

Bhatia recalled that the leadership of India and Russia has set a goal of increasing the volume of bilateral trade to $100 billion and mutual investment to $50 billion by 2030.

"These benchmarks form a clear roadmap for the further development of our economic cooperation," he added.