Putin orders steps to address India-Russia trade imbalance, calls for increased imports of Indian farm and pharma products
Moscow, October 3. Russian President Vladimir Putin has directed his government to explore measures such as purchasing more agricultural and pharmaceutical products from India to reduce the trade imbalance caused by India’s large-scale imports of Russian crude oil. The announcement comes ahead of his scheduled visit to India in early December for the annual summit with Prime Minister Narendra Modi.
As per agency report, Putin made these remarks on Thursday evening while addressing the Valdai Discussion Club in Sochi, a forum that brought together security and geopolitical experts from 140 countries, including India. He referred to the additional 25 percent tariff imposed by former US President Donald Trump on India, which pushed the total tariff to 50 percent. Putin said the losses India incurred due to American punitive duties could be offset through Russian oil imports, while also strengthening India’s global stature as a sovereign nation.
Putin stated that Russia could address the trade imbalance by increasing imports of Indian agricultural produce and pharmaceutical products. According to Russia’s state news agency TASS, he has instructed the Russian government to engage with Indian counterparts to identify the most promising areas of cooperation and devise ways to balance trade and expand collaboration in various sectors.
Highlighting the untapped potential of economic cooperation between the two countries, Putin noted that bilateral trade currently stands at around 63 billion US dollars, which is comparable to Russia’s trade with Belarus at 50 billion US dollars despite India’s population being 1.5 billion compared to Belarus’s 10 million. He emphasized the need to resolve specific issues such as financing, equipment supply, and payment mechanisms to fully realize the potential of bilateral ties.
Putin underscored that Russia and India have never experienced mutual problems or tensions and referred to the historic depth of their relationship dating back to the Soviet era, when India was fighting for its independence. He appreciated that India continues to value that legacy and described Prime Minister Narendra Modi as a friend with whom he shares a relationship based on trust. Praising Modi’s leadership, he called him a balanced, intelligent, and national interest–oriented leader, noting that Indians understand the reasoning behind India’s decision to ignore US pressure to stop importing Russian oil.
Putin also recalled that the declaration of the special and privileged strategic partnership between Russia and India will soon mark its 15th anniversary. He said the two countries consistently coordinate on political matters, listen to each other’s positions, and maintain close cooperation between their foreign ministries. Additionally, he welcomed the idea of creating a joint fund to develop artificial intelligence and other cutting-edge technologies, a proposal made at the Sochi forum by Dr. Arvind Gupta, Director General of the Vivekananda International Foundation in New Delhi.
