India among Russia's top foreign trade partners: PM Mishustin
GS2Polity · Governance · IR· India's bilateral relations· Prelims·
Why in news
Russian PM Mikhail Mishustin announced that India is among Russia's top trade partners, with bilateral trade reaching a record high of $68.7 billion in FY 2024–25.
Background
Russia's trade turnover with friendly countries reached a historic high of 86%. India-Russia trade saw a five to six-fold increase over four years, reaching $68.7 billion in FY 2024–25.
Facts for Prelims
- FactIndia-Russia trade reached $68.7 billion in the financial year 2024–25
- FactRussia's trade turnover with friendly countries reached 86% of its total
- FactIndia and Russia aim to reach a bilateral trade target of $100 billion by 2030
For Mains
Q. Discuss the significance of strengthening India-Russia trade ties in the context of Russia's shifting trade dynamics with friendly nations.
Dimensions to cover in your answer
- Geopolitical pivot: Russia's increasing trade reliance on friendly nations amidst Western sanctions
- Trade diversification: India's role in achieving the $100 billion bilateral trade target by 2030
Keywords: bilateral trade · trade turnover · economic diplomacy · strategic partnership
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