India runs a huge trade deficit with Russia -- in 2023-24, trade between the two countries touched $65 billion, of which India’s exports were just $4 billion and imports $61.4 billion.

India is optimistic about achieving USD 100 billion in trade with Russia before 2030, highlighting progress in logistics and payments.

In his televised opening remarks at the 25th session of the IRIGC-TEC, Jaishankar said the trade between the two countries needs to be ”more balanced and that would require addressing current constraints and undertaking greater facilitative efforts.

While speaking at the 25th Edition India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), S Jaishankar said trade between the two countries needs to be "more balanced and that would require addressing current constraints and undertaking greater facilitative efforts".

India and Russia aim to boost trade, connectivity, and cooperation in various sectors, targeting $100 billion by 2030.

There have been challenges to trade, especially with regard to payments and logistics and perceptible progress has been made in that regard, Jaishankar said.

India's External Affairs Minister S Jaishankar has defended India's ties with Russia, stating that its relationship has been helpful to the international community.