Modi and Putin try to fix India-Russia's massive trade gap
Prime Minister Modi and President Putin met in Delhi to talk about a huge trade imbalance—India imported $63.8 billion from Russia in FY25 (mostly oil), but only exported $4.9 billion back. That leaves a nearly $59 billion gap.
The agenda included boosting Indian exports in key areas and setting up payments in local currencies, sidestepping Western sanctions.
Why does it matter?
This isn't just about numbers—it's about India's economic stability and independence. With so much money flowing out for Russian energy, India is exposed if US sanctions tighten.
By diversifying exports (think pharma, electronics, cars, food) and working on defense deals like Su-57 jets and S-400 missiles, India aims for more balanced trade and less risk from global politics.
It's a big step toward making sure both countries benefit fairly as the world changes.