Russia Plus

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India and Russia have been close allies for 70 years.

Over the years, the Indo-Russian bilateral relationship has matured into a comprehensive partnership that includes cooperation in several high-technology sectors. India and Russia share a “Special and Privileged Strategic Partnership” with several institutionalized dialogue mechanisms that ensure enhanced levels of cooperation in all areas of the bilateral relationship. The year 2020 marked the 20th anniversary of the establishment of the India-Russia Strategic Partnership and the 10th anniversary of its elevation to a Special and Privileged Strategic Partnership. Russia has invested in India across different areas such as telecommunications, automobile, industrial services, oil and gas, and medical/surgical appliances.

Major Russian Investors

Rosneft
Bilateral Trade

India and Russia have set a bilateral trade target of $30 bn and bilateral investment target of $50 bn by 2025

Trading Partner

Russia is India’s biggest trading partner in the CIS Region; 5th largest trading partner globally (up 25 places from last year)

Trade

The creation of a free-trade zone between India and EAEU would boost trade turnover to $15 Bn (a 25% increase) 

    • Invest India MoU with Roscongress Foundation: Roscongress CEO Alexander Stuglev and CEO of Invest India Deepak Bagla signed the MoU at the St. Petersburg International Economic Forum in 2017. The parties agreed to develop bilateral cooperation in areas like trade, attracting investment and information and strategic support. The MoU was renewed on the sidelines of the St Petersburg International Economic Forum 2023. 

    • India’s Prime Minister meets with the President of Russia for the Annual Bilateral Summit every year since 2000. It is the highest institutionalized dialogue mechanism in the strategic partnership between the two countries. The last Summit took place in 2021.

    • The Ministry of Culture, India and the Ministry of Culture, Russia are collaborating on a Cultural Exchange Program for the Years 2021-2024. 

    • Prime Minister Shri Narendra Modi led India's participation at the 14th BRICS Summit, held in a virtual format on 23 Jun 2022. The High-level Dialogue on Global Development, a non-BRICS engagement segment of the Summit, was held on 24 Jun 2022.

    • JSC Rosgeologia (ROSGEO) and Geological Survey of India, and the Ministry of Mines signed an MoU to extend cooperation for technological collaboration on exploration for deep-seated and /or concealed mineral deposits.

    • Government of India and Government of Russia Research and Use Outer Space for Peaceful Purposes and operation of launch vehicles and ground-based space infrastructure.

    • Russia ranks 28th in FDI inflows in India. FDI Inflow $1.280 Bn, from Apr 2000 to Dec 2023.

       

    • During Apr’22 – Mar’23, bilateral trade between India and Russia stood at $45 Bn, surpassing the trade target set by the two sides. Export is at $3.14 Bn, and import is at $46.2 Bn.

    • The Indo-Russian Forum for Trade & Investment and the India-Russia CEO’s Council have evolved into platforms for facilitating direct B2B interactions between the two countries. The Eurasian Economic Union is one of the important emerging economic blocks, and India is keen to engage more closely with Russia and the CIS countries to further intensify our trade and economic cooperation with this region.

    • Investment cooperation has been envisaged in some priority sectors such as hydrocarbons, power, coal, nuclear power, fertilizers, IT, pharmaceuticals, minerals, and metallurgy amongst others.

    • International North-South Transport Corridor (INSTC) is a 7,200-km multi-modal transport corridor that combines road, rail and maritime routes connecting Russia and India via Central Asia and Iran. It links the Indian Ocean to the Caspian Sea via the Persian Gulf onwards into Russia and Northern Europe.

    • History speaks for itself - Afanasy Nikitin reached India even before Vasco-da Gama revealed India to the West (a monument of Afanasy Nikitin has also been built in Revdanda, Maharashtra), Gujarati traders settled in Astrakhan, and the establishment of a Russian theatre in Kolkata signifies how deep-rooted the relations are between the two countries.

    • Medical education in Russia has been one of the major reasons for a healthy and long-term relationship between India and Russia. At present over 5000 Indian students are enrolled in various medical and technical institutions in the Russian Federation.

    • Jawaharlal Nehru Cultural Centre, Moscow, established in 1989, has been mandated with the task of maintaining India’s cultural relations with the Russian Federation. It has been working in close coordination with many Russian Universities in organising several cultural events disseminating Indian Culture in the Russian Federation.

    • Agreement on Program of the Military-Technical Cooperation from 2021-2030: The 10-year Defence Cooperation Program outlines the ongoing defence cooperation and future possible cooperation between the two countries.

    • India has longstanding and wide-ranging cooperation with Russia in the field of defence. The India-Russia Inter-Governmental Commission on Military & Military-Technical Cooperation (IRIGC-M&MTC) is co-chaired by Russian and Indian Defence Ministers and meets annually. Its last meeting was held in New Delhi on Dec 6, 2021.

    • Defence and security partnership has been the cornerstone of the Indo-Russian strategic partnership. India and Russia hold exchanges and training exercises between their armed forces annually.

Recent Investments

Rosatom in India

Rosatom supplies critical component for Kudankulam Nuclear Power Plant

AEM-Technologies (a part of machine-building division of Rosatom, Russian nuclear major) has shipped a pressurizer for Kudankulam Nuclear Power Plant (NPP) expanding civil nuclear partnership with India.

Rosneft in India

Russia's Rosneft signs deal to boost oil supplies to India

Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India.

Sistema in India

Sistema.bio gets Ministry of New and Renewable Energy approval

In India, Sistema.bio has already installed 30,000 biogas plants, and plans to install additional 40,000 units by the end of 2023. In addition to the major impacts of biogas plants, with this move, millions of dairy farmers in India will benefit from flexi biogas technology by getting access to sanitation, women empowerment, and the creation of rural employment.

Nayara energy

Rosneft-backed Nayar to set up polypropylene plant in Gujarat

Russia's Rosneft-backed Nayara Energy is setting up a 450 kilo tonnes per annum polypropylene plant at its refinery in Vadinar, Gujarat. The company has achieved financial closure for phase-one expansion plans for petrochemical business following the tie-up of INR 4,016 crore funds from banks, expected to be completed by 2023.

NLMK

Novolipetsk Steel, or NLMK to make an investment of INR 800 cr in Maharashtra

The Maharashtra state Government announced that Novolipetsk Steel, or NLMK, one of the largest steel companies in Russia, is investing INR 800 Cr in Maharashtra. This will be followed by INR 6,000 Cr in the second phase. 

USC

Russian Shipbuilder USC Confirms Interest To Acquire Reliance Naval & Engineering Limited

Russia has confirmed that it is keenly looking forward to acquiring the Indian shipbuilding company Reliance Naval and Engineering Limited (RNEL), which owns the Pipavav Shipyard in Gujarat.

zyfra

Business conglomerate Murugappa Group subsidiary and Shanthi Gears Ltd have contracted Zyfra, a Russian-Finnish industrial digitalisation solutions provider for monitoring their local equipment. The monitoring system will improve system efficiency and bring down production costs.

Russia-based Alrosa, the world's largest diamond mining company, is investing in Mumbai in sales, marketing and support project. Alrosa recently opened up its representative office in Mumbai on the territory of Bharat Diamond Bourse.

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Reliance Industries Ltd. JV with Sibur, Russia and Eastern Europe’s largest petrochemical company, is setting-up South Asia’s first butyl rubber production facility at Jamnagar, Gujarat with an expected capital inflow of more than $2.3 Bn.

Russia Plus

Russia Plus acts as a one-stop solution for investors by providing handholding support that includes business advisory, policy guidance, location assessment, assistance with regulatory approvals, issue redressal and expansion support.

Key Functions

  • Sector-stakeholder support
  • Start-up portal
  • Event support
  • Mid-market segment support
  • Government liaison
  • Joint venture support

Team Advantages

  • Expediting license approval

  • Provide policy advocacy

  • Location assessment

  • Business advisory

  • Issue redressal

We are the inheritors of Russia's legacy and beneficiaries of their hard work and above all, their unwavering faith in this relationship. We are committed to building on this legacy and bequeathing to our youth a strong and vibrant partnership that will contribute to changing the world for the better.

Shri Narendra Modi, Hon'ble Prime Minister of India

Russia values the relations of special and privileged strategic partnership with India. I am convinced that through joint efforts we will bring about further development of bilateral political dialogue, fruitful cooperation across all sectors as well as constructive interaction in global affairs. Undoubtedly, it meets the core interests of friendly peoples of our countries.

Vladimir Putin, Hon’ble President of Russia

Our relation with Russia is on a different pedestal and we have a full agenda between us that is important to both of us. We have a clear understanding of our core concerns and vital security interests.

Pankaj Saran , Former Indian Ambassador to Russia

Brochures

  • BRICS Digital Financial Inclusion Report 2021

    Report

    BRICS Digital Financial Inclusion Report 2021

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  • BRICS Energy Report 2021

    Report

    BRICS Energy Report 2021

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  • Cabinet approves Memorandum of Understanding (MoU) between India and Russian Federation on cooperation regarding coking Coal, which is used for Steel making

    Press Release

    Cabinet approves Memorandum of Understanding (MoU) between India and Russian Federation on cooperation regardi…

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  • Foreign Secretary Shri Harsh Vardhan Shringla's Speech at the Russian Diplomatic Academy, Moscow

    Press Release

    Foreign Secretary Shri Harsh Vardhan Shringla's Speech at the Russian Diplomatic Academy, Moscow

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  • India Russia

    Report

    India-Russia Relations 2020

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  • Export Preparedness Index 2021

    Report

    Export Preparedness Index 2021

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  • India's Development Partnership

    Report

    Overview of India's Development Partnership & Cooperation Programmes

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  • pha

    Event

    India Pavilion: Pharmtech & Ingredients Expo, 19-22, November, Moscow, Russia

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  • Press Release

    India - Russia Joint Statement during visit of Prime Minister to Vladivostok

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  • Brochure

    Russia Plus

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  • Agenda

    Business Programme for the Fifth Eastern Economic Forum

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  • Accelerating Growth of New India’s Innovations (AGNIi)

    Brochure

    Accelerating Growth of New India’s Innovations (AGNIi)

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  • Invest India

    Brochure

    Invest India

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  • India Investment Grid - India's Investment Network

    Brochure

    India Investment Grid - India's Investment Network

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  • Oil & Gas

    Oil & Gas

    • #1 

      Largest exporter of Petroleum products in Asia

    • #2 

      Largest refiner in Asia

    • #3 

      Largest consumer of crude oil and petroleum products

      • Russia is the world's second-largest oil exporter after Saudi Arabia and the world's largest gas exporter
      • India is the 3rd largest consumer of energy and oil in the world
      • The current share of India in global primary energy consumption is 6.1% and is likely to increase to about 9.8% by 2050
    Visit Sector 1Investible Projects
  • Defence

    Defence

    • #2 

      Largest armed force in the world

    • #3 

      Largest defence budget in the world

    • 13.3%

      Union Budget for Financial Year 2023-24 has been by MOD

      • Defence exports reach an all-time high of approx. INR 16,000 Cr in Financial Year 2022-23 which is over a 10 times increase since 2016-17
      • India now exports to over 85 countries
      • GOI aims to achieve a $26 Bn Defence industry with an anticipated investment of $10 Bn in Aerospace and Defence goods and services by 2025
      • The government has established 2 Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu.
      • JV between Russia's Rostec Corporation and India's Hindustan Aeronautics Limited (HAL) to manufacture Kamov 226 helicopters forms the first platform for defence under the ‘Make in India’ initiative
      • Bilateral projects between the two nations include an indigenous production of T-90 tanks, Su-30-MKI aircraft, the supply of MiG-29-K aircraft, Kamov-31 and Mi-17 helicopters, upgrade of MiG-29 aircraft and supply of Multi-Barrel Rocket Launcher Smerch
    Visit Sector 5Investible Projects
  • Ports & Shipping

    Ports & Shipping

    • 90%

      Of India's International cargo volume moved through Waterways

    • 2,500 MT

      Expected Cargo traffic in India by 2025

      • India has a coastline of 7,517 km
      • 95% of the country’s trade by volume and 65% of the trade by value is undertaken through maritime transport
      • The cumulative FDI equity inflow in the Port industry is $1.64 Bn during the period Apr 2000 to Dec 2023
    Visit Sector 161Investible Projects
  • Railways

    Railways

    • #1

      Indian Railways has the largest rail network in Asia and 2nd largest in the world

    • #1

      Delhi Main Station entered the Guinness Book for having the world’s largest route relay interlocking system

    • 48%

      Indian Railways witnessed approx. 48% CAPEX utilization in the first five months of FY 2023 (till Aug)

      • Railways’ capex saw a quantum jump to INR 1,90,267 Cr in FY22
      • Two Dedicated Freight Corridors (DFC), one on the Western route (Jawaharlal Nehru Port to Dadri) and another on the Eastern route (Ludhiana to Dankuni), have been fast-tracked
      • Indian Railway has set up about 6.7 MW of Solar Power Plant on its vacant land
    Visit Sector 57Investible Projects