Union Budget 2023-24
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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. Russia has invested $1.26 bn from April 2000 to June 2021, with key investment areas being telecommunications, automobile, industrial services, oil and gas, and medical/surgical appliances.

Major Russian Investors

Bilateral Trade

Target set for bilateral trade at $50 bn and bilateral trade at $30 bn by the year 2025.

In India the telecommunications sector has attracted most investments from Russia, with a 68% share.

In March 2017, India and Russia agreed to set up a $1 bn fund to promote mutual investments in infrastructure and technology projects.

    • 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.

    • Prime Minister of the Republic of India H.E. Narendra Modi paid an official visit to the Russian Federation during September4-5, 2019 at the invitation of the President of the Russian Federation H.E. Mr. Vladimir Putin. The 20th India – Russia Annual Summit was held in Vladivostok. H.E. Mr. Narendra Modi also participated in the 5th Eastern Economic Forum as the Chief Guest.

    • The 13th BRICS summit was held under India’s Chairship on 9th Septemebr 2021. It was the third time that India hosted the BRICS summit after 2012 and 2016. The theme for India’s chairship was ‘BRICS@15: Intra-BRICS cooperation for Continuity, Consilidation and Consensus’

    • Russia FDI inflow is $1,270 mn from April 2000 - December 2022

    • A number of institutionalized mechanisms at governmental and non-governmental levels contribute to the development of economic cooperation between the two countries. While the India Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC) guides the conduct of economic cooperation at the Governmental level, the Indo-Russian Forum for Trade & Investment and the India-Russia CEO’s Council have evolved into the 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.

    • Both the Governments have undertaken initiatives to promote bilateral investments, primarily through facilitating high-level Government to business and Business to Business contacts apart from the ongoing investment process in strategic sectors in both the countries. Investment cooperation has been envisaged is some priority sectors such as hydrocarbons, power, coal, nuclear power, fertilizers, IT, pharmaceuticals, mineral, and metallurgy amongst others.

    • There is a strong tradition of Indian studies in Russia. Jawaharlal Nehru Cultural Centre was opened in Moscow in 1989 to fulfil the interests of Russian admirers in the Indian culture and its multifaceted traditions.

    • The Centre maintains close cooperation with leading Russian institutions and conducts classes in classical dance, traditional musical instruments, and Ayurveda for about 800 students every month. Indian languages such as Hindi, Tamil, Marathi, Gujarati, Bengali, and Sanskrit are taught in leading Russian institutions.

    • 'Festival of India' was held in Russia from September 2018 - March 2019 to celebrate the diversity of Indian culture. Various performances were put up by over 58 artists and their troupes in 22 cities across Russia.

    • The Indian Embassy in Russia, with support from regional governments, organized week-long celebrations marking the second International Day of Yoga, covering 70 regions and involving over 50,000 enthusiasts.

    • Defence and security partnership has been the cornerstone of the Indo Russian strategic partnership. An agreement for cooperation in the production of spare parts for Russian military equipment was signed during the 20th Annual Bilateral Summit in Vladivostok in September 2019.

    • India and Russia hold exchanges and training exercises between their armed forces annually. Joint Tri-Services Exercise ‘INDRA 2019’ between India and Russia was carried out simultaneously in Babina, Pune, and Goa in December 2019.

    • There is a well-established framework of nuclear cooperation between Russia and India. Kudankulam Nuclear Power Plant (KKNPP) is being built in India with Russian cooperation. KKNPP Units 1 and 2 have already become operational and construction of Units 3 & 4 is ongoing.

    • In July 2019, Director General ROSCOSMOS State Corporation for Space Activities visited India and met the Chairman of ISRO to discuss bilateral cooperation in the Gaganyaan program, production of space systems in India, futuristic technologies, including new space systems, rocket engines, propellants, and propulsion systems, spacecraft and launch vehicle.

    • India, Russia sign a pact for manufacturing of Ak203, extend military cooperation till 2031. The assault rifles to be initially produced in India are meant primarily for the Indian Armed Forces and once the orders are completed, the State police, as well as central armed police forces, will also be placing their orders for the AK-203.

Recent Investments

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.


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.


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.

Russia’s biggest oil producer Rosneft acquired 49% stake in Essar Oil, including its refinery in Gujarat, for $12.9 bn.

Rosatom and its engineering division Atomenergomash and private firms are discussing mini hydro projects with the Indian government. Building the mini hydropower units is estimated to cost more than $1 mn per MW.

Sistema Asia Fund, investing in high-tech companies in India, announced the expansion of their fund value from $50 mn to $120 mn, having already invested in start-ups such as Wooplr in Bengaluru and Seclore in Gurugram.

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


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  • Oil & Gas

    Oil & Gas

    • 2nd

      Largest refiner in Asia

    • 3rd

      Largest consumer of crude oil and petroleum products

    • 20%

      Target of achieving ethanol blending in petrol by 2025

      • 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 after China and the US
      • India is the Largest exporter of petroleum products in Asia
    Visit Sector 1Investible Projects
  • Defence


    • 31%

      Share of India’s defence budget spent on capital acquisitions

    • $10 bn

      Value of bilateral weapons projects in final stage of completion

    • 3rd

      Largest defence budget in the world

      • Russia is the world’s second-largest conventional arms exporter after the United States. Combined, the US and Russia account for 58% of all major weapons exports.
      • India is the third-largest armed forces in the world
      • GOI aims to achieve a turnover of US $ 25 Bn including export of US $ 5 Bn in Aerospace and Defence goods and services by 2025.
      • 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

    • $1.6 bn

      FDI inflows in the sector in India during 2000-17

    • 2,500 MT

      Expected Cargo traffic in India by 2025

      • With a coastline of 7,517 km, India is strategically located on the world’s shipping routes. Around 70% of India's trading by value is done through maritime transport.
      • INSTC and Chennai-Vladivostok sea route are being promoted as alternative routes to reduce the time taken to transport goods between India and Russia.
    Visit Sector 161Investible Projects
  • Railways


    • 4th

      Largest railway system

    • 4th

      Largest freight carrier

    • 3rd

      Russia is home to the 3rd largest rail network in the world

      • Russia is the world’s third-largest rail network, expanding over 85,200 km.
      • 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
      • An MoU was signed in 2016 between the Ministry of Railways, India and the Russian Railways for technical cooperation for increasing train speeds to 160-200 kmph, modernize control and safety-related systems based on satellite navigation, digital communication means and geo-information technologies.
    Visit Sector 57Investible Projects