Moscow Meeting Highlights Trade Growth and Persistent Imbalance
External Affairs Minister S Jaishankar met Russian President Vladimir Putin at the Kremlin on August 24, conveying a personal message from Prime Minister Narendra Modi and co-chairing the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with Russian First Deputy Prime Minister Denis Manturov. The visit, spanning August 23-24, came ahead of Putin's expected trip to New Delhi for the BRICS summit scheduled for September 12-13, as reported by Daily Excelsior, Hindustan Times, and The Indian Express.
At the meeting, Jaishankar said economic cooperation between India and Russia has grown significantly, echoing a sentiment that both sides have repeatedly underscored. "We had a meeting of the Inter-Governmental Commission. I think overall we have a good report to give to you. I think our economic cooperation, trade, energy, fertilisers, nuclear—other dimensions as well," he said, as quoted by several sources, including The Indian Express and TASS.
Putin, in turn, noted that bilateral trade had increased this year after a slight decline in 2025, attributing the trend partly to Prime Minister Modi's personal attention to developing India-Russia relations, as reported by Hindustan Times and The Indian Express. He conveyed his warm regards to Modi and expressed hope to meet him soon at the Shanghai Cooperation Organisation (SCO) summit in Kyrgyzstan, scheduled for August 31-September 1.
Trade Figures and the Growing Deficit
The visit highlighted how bilateral trade has expanded sharply in recent years. Jaishankar said that trade increased more than four-fold from about $13 billion in 2021-22 to nearly $60 billion in 2025-26. The Indian Express reported that bilateral trade reached a record $68.7 billion in FY 2024-25 and stood at $59.863 billion in FY 2025-26.
Yet, Jaishankar flagged a persistent concern: the trade deficit has widened from $6.6 billion to more than $50 billion over the same period. Calling the imbalance "one of our foremost priorities," he emphasized the need for greater market access, removal of tariff and non-tariff barriers, strengthening payment mechanisms, and stronger business engagement to achieve the target of $100 billion in bilateral trade by 2030. The Tribune highlighted his remarks, and similar sentiments were detailed by TASS.
"Progress on market access, removal of tariff and non-tariff barriers, strengthening payment mechanisms, and stronger business-to-business engagement will be critical," Jaishankar said, as quoted by The Tribune and Hindustan Times.
Putin's Assurances on Energy and Fertilisers
Amid ongoing conflict in West Asia, Putin assured India of continued energy and fertiliser supplies, as reported by Hindustan Times. "We are doing everything to resolve this issue for Indian farmers, for agriculture. We are increasing these supplies and are ready to do so further," Putin said, according to state-run TASS, a detail carried by Daily Excelsior and The Times of India.
He further said that various issues, including nuclear energy cooperation and high-tech sectors, are on the agenda and progressing steadily. "One of these issues is not only energy—it is, of course, the supply of fertilisers... all other issues related to nuclear energy and cooperation in high-tech sectors are also on the agenda," Putin was quoted by The Indian Express.
Broader Engagement: Railways, Space, and Education
The talks covered a wide array of sectors, including railways, space, nuclear energy, civil aviation, and people-to-people ties, according to Hindustan Times and TASS.
Manturov announced that a prototype of a high-speed electric train, jointly produced by India and Russia, would be assembled by the end of the year, after which serial production is expected. He also mentioned cooperation in space, including manned spaceflights, rocket engine development, and satellite navigation, with a clear scope for expansion.
In education, Manturov noted that Indian students in Russia have grown to almost 40,000, with tourist flows also increasing. Hindustan Times reported an 8% increase in tourist exchanges in the first half of 2026, with 25,000 Indian visitors and 50,000 Russian visitors.
Nuclear cooperation was another topic, with Manturov suggesting that Rosatom's experience at the Kudankulam plant in Tamil Nadu could form the basis for expanding cooperation, including new facilities and space localization.
Connecting with the Globe
Jaishankar also held a "wide-ranging conversation" with Russian Foreign Minister Sergey Lavrov, discussing bilateral ties, regional hotspots, global challenges, and multilateral issues, as reported by The Tribune. The meeting with Putin also had implications for regional and global matters, as Jaishankar noted on social media.
The meeting served as a marker of the growing, yet balanced, relationship between New Delhi and Moscow— one that is expanding into technology and education while placing attention on erasing trade asymmetries. As Prime Minister Modi and Putin are expected to meet again on the sidelines of the SCO and BRICS summits, the roadmap for future cooperation appears to be well within the framework of setting a $100 billion trade target by 2030.