NEW DELHI – The long-standing relationship between India and Russia continues to demonstrate remarkable resilience, with bilateral trade projected to exceed $65 billion in the financial year 2023-24. This significant surge, primarily driven by India's increased imports of Russian crude oil and fertilizers, underscores the enduring nature of their "Special and Privileged Strategic Partnership," a bond that has consistently navigated geopolitical shifts. As Velina Tchakarova stated in a recent tweet, "The relationship between India and Russia (and the Soviet Union) has stood the test of time far too many times to be shaken by the moody mood of other great powers."
The strategic partnership, formalized in 2000, has historically been anchored in robust defense cooperation. Russia remains India's largest defense supplier, accounting for a significant portion of its military equipment. Recent agreements include a $248 million deal for battle tank engines and the ongoing delivery of S-400 air defense systems, with remaining units expected by 2025-2026. Discussions are also underway for a potential $4 billion deal for the advanced Voronezh radar system, highlighting continued military-technical collaboration.
Despite India's efforts to diversify its defense procurement and challenges posed by the Ukraine conflict, such as potential delays in Russian deliveries, the two nations continue to explore co-production and technology transfer initiatives. This commitment ensures the maintenance and modernization of India's substantial inventory of Russian-origin defense platforms. The partnership extends beyond military ties, encompassing cooperation in civil nuclear energy and space exploration.
Economically, the bilateral trade volume has comfortably surpassed the ambitious target of $30 billion set for 2025. However, a notable trade imbalance persists, with India's exports to Russia, including pharmaceutical products, electrical machinery, organic chemicals, and apparel, forming a small fraction of its imports. Both countries are actively working to diversify the trade basket and promote Indian exports to achieve more balanced growth.
India's foreign policy approach, often described as "multi-alignment," allows it to maintain strong ties with Russia while also strengthening partnerships with Western nations. This strategy enables New Delhi to prioritize its national interests and strategic autonomy amidst evolving global dynamics, reflecting the sentiment that the relationship is not easily swayed by external pressures. The continued engagement between India and Russia highlights their shared commitment to a multipolar world order and their mutual benefit from this deep-rooted partnership.