India-Russia Trade May Reach USD 100 Billion as Putin Signals Deeper Economic and Energy Partnership

Speaking on the sidelines of the St. Petersburg International Economic Forum, Putin said trade between India and Russia has already grown to approximately USD 58-60 billion and continues to demonstrate substantial potential for further expansion.

“We believe bilateral trade can rise substantially and touch the USD 100 billion mark in the coming years. The foundations for achieving this target are already in place,” Putin said.

The Russian President highlighted the long-standing partnership between the two nations in the energy sector, particularly in civilian nuclear cooperation. He identified the Kudankulam Nuclear Power Plant in Tamil Nadu as a key symbol of the strategic relationship that has strengthened over decades.

Putin emphasized that bilateral energy cooperation will extend beyond nuclear power. He said India and Russia are actively exploring new opportunities in the hydrocarbons sector and are expected to launch additional collaborative initiatives in oil and gas development.

“Beyond nuclear energy, we will continue to strengthen cooperation in hydrocarbons and other energy-related fields,” he stated.

Underscoring the significance of investment ties, Putin described current Russian projects in India as among the country’s largest foreign investment ventures. He said both governments remain committed to increasing two-way investments and broadening economic engagement across multiple sectors.

The remarks come as the Kudankulam Nuclear Power Project continues to advance. Earlier this year, India’s Atomic Energy Regulatory Board approved the installation of major equipment for Units 5 and 6 of the facility, marking another important milestone in the expansion of the country’s nuclear power capacity.

The Nuclear Power Corporation of India Limited described the approval as a significant step in India’s pursuit of safe, clean and reliable energy generation.

Civil nuclear cooperation remains one of the strongest pillars of India-Russia relations. In March, External Affairs Minister S. Jaishankar reaffirmed Russia’s position as India’s leading partner in the nuclear sector and said the Kudankulam project reflects the depth and maturity of bilateral cooperation.

Jaishankar also noted that India’s target of expanding nuclear power generation capacity to 100 gigawatts by 2047 would create additional opportunities for collaboration with Russia in the peaceful use of nuclear energy.

The Kudankulam project was a major focus during Putin’s visit to India in December last year. During the visit, he described the facility as a flagship joint venture and stressed its importance in supporting India’s growing energy requirements.

At present, two of the six planned reactor units at Kudankulam are operational, while the remaining four units are at various stages of construction. Once completed, the project is expected to make a substantial contribution to India’s energy security and clean power generation objectives.

With bilateral trade expanding, investment flows increasing and cooperation deepening across energy and infrastructure sectors, India and Russia appear determined to elevate their strategic partnership to new economic heights, positioning the relationship as a key pillar of long-term regional and global economic engagement.