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While the relationship started with defence and security cooperation, over the years, Russia has grown to become a prominent trade and economic partner. Russia has invested $1.25 bn from April 2000 to March 2021, with key investment areas being telecommunications, automobile, industrial services, oil and gas and medical/surgical appliances.
Target set for bilateral trade at $50 bn by the year 2025. Level of mutual investments crossed $30 bn in 2018.
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.
In 2018, the 19th Summit was held in India in New Delhi where 8 agreements were signed for collaboration in different sectors and the setting up of a Single Window Mechanism to aid Russian companies looking to invest in India was announced.
The two Inter-Governmental Commissions - IRIGC-TEC (Trade, Economic, Scientific, Technological and Cultural Cooperation) co-chaired by the External Affairs Minister from India and Deputy Prime Minister from Russia and IRIGC- MTC (Military Technical Cooperation) co-chaired by the Russian and Indian Defence Ministers, meet annually.
India and Russia marked 70 years of diplomatic ties in April 2017. A roadmap of celebrations was adopted by both the countries include seminars, discussions, exhibitions, exchanges and many other activities.
During April to December 2020 exports from India were worth $1.87 bn and imports from Russia were worth $3.8 bn.
Major items of export from India include pharmaceuticals, tea & coffee, tobacco, mechanical appliances and organic chemicals.
Major items of import from Russia include pearls, precious and semi-precious stones & metals, nuclear power equipment, electrical machinery and equipment and mineral oils.
FDI inflows amount to $1.25 bn since April 2000. Russia ranks 24th amongst the 159 countries that have invested in India during 2000-20.
India has extended a $1 bn line of credit to Russia for development of projects in the Russian Far-East
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.
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.
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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.
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.
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.