Amid high trade, India-Russia ties slow on investments, remittances

New trade target of $100 billion

India’s growing proximity to Russia has not fully extended to investment flow and other economic parameters outside of trade.

Prime Minister Narendra Modi’s visit to the country, earlier this week, included announcements of an annual trade target of $100 billion by 2030, a plan to eliminate trade barriers and restoring balance in bilateral trade. Other economic parameters have seen less traction amid sanctions following the Ukraine war.

On the investment front, foreign direct investment (FDI) inflows and overseas direct investments (ODI) from and to Russia were just $5 million in the financial year 2023-24 (FY24).

In fact,