Russian President Vladimir Putin has assured India of increased fertiliser supplies as New Delhi and Moscow seek to deepen economic ties across trade, energy and agriculture.
Putin made the assurance during his meeting with External Affairs Minister S Jaishankar in Moscow on Monday. Jaishankar was in Russia for the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
The discussions focused on expanding bilateral trade, increasing investment and improving cooperation in key sectors. Putin said Russia-India trade was showing signs of recovery this year, while highlighting energy and fertilisers as important areas of cooperation.
Fertiliser supplies are particularly important for India because the country depends significantly on imports to meet domestic agricultural demand. Russia has become one of India’s major sources of fertilisers, with imports from the country rising sharply in recent years.
Putin’s commitment comes as global supply chains face uncertainty because of geopolitical tensions and disruptions in energy and shipping markets. Maintaining reliable access to fertilisers could help India manage potential shortages and price pressures during important agricultural seasons.
Jaishankar also highlighted the significant growth in economic cooperation between the two countries. However, India continues to face a large trade deficit with Russia, largely because of increased imports of Russian crude oil and other commodities.
India has been seeking to expand exports to Russia and create a more balanced trade relationship. New Delhi is also looking to broaden economic cooperation beyond crude oil to areas such as fertilisers, nuclear energy, technology and industrial investment.
Energy remains the biggest component of India-Russia trade. Russian crude has become an important part of India’s oil imports, helping Indian refiners secure supplies at competitive prices. At the same time, India wants greater access to the Russian market for its own products.
The latest meeting also comes ahead of expected high-level engagements between the two countries. Prime Minister Narendra Modi and Putin are expected to meet at the upcoming Shanghai Cooperation Organisation summit, while Putin is also expected to visit India later this year for the BRICS summit.
The meetings could provide an opportunity to discuss trade, energy security, fertiliser supplies and investment. For India, securing stable supplies of essential commodities while increasing exports will remain a key priority.
The latest developments underline the continuing importance of the India-Russia strategic partnership, with both countries looking to give their long-standing relationship a stronger economic foundation.
