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India and Russia target $30 billion in trade

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Christian Fernsby ▼ | September 5, 2019
India and Russia are targeting $30 billion of annual trade by 2025, India’s foreign secretary said on Wednesday.
Vladimir Putin and Narendra Modi
Asia   Vladimir Putin and Narendra Modi
Seeking to boost bilateral trade from its current $11 billion, the two countries announced deals in sectors including energy, defense and shipping after a meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi at an economic forum in Vladivostok.

Topics: India Russia

India, the world’s third-biggest oil consumer and importer, aims to raise the proportion of gas in its energy mix to 15 percent in the next few years and diversify its energy supply to hedge against geopolitical risk.

“We have had a major breakthrough in the energy sector. This is a sector where we are looking to diversify our sources of supplies and we are increasingly finding it attractive to buy oil and gas from the Russian federation,” India’s foreign secretary, Vijay Gokhale, told a news conference.

Modi, who wants to cut India’s oil imports by 10 percent by 2022, is steering efforts to buy foreign energy assets, taking advantage of low global oil prices and a slowdown in China’s overseas acquisitions.

“We are looking at investing in additional oilfields in Russia … we are also looking at sourcing LNG,” Gokhale said.


 

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