Russia-India bilateral trade was $34 billion in 2013 and increased to $65 billion by 2023, mainly based on oil imports by India, Both countries aim to raise the trade value by at least 50 percent to $100 billion by 2030. Earlier this year Rosneft invested $20 billion in India; the Indian government referred to Putin in a statement but without details.
Putin himself said in January that Rosneft has plans to diversify its Indian business in the country, whereas in July top officials from the Indian government suggested that New Delhi may sign deals with companies like Rosneft and others in order to improve Indo-Russia energy cooperation.
"We are also ready to set up our manufacturing operations in India ... We believe that investing in India is profitable," at the 15th VTB Russia Calling Forum, Putin commented, as per the Indian statement.
In 2017 Rosneft expanded its operational area in the fuel market entering India through the $12.9 billion purchase of the Indian refiner Essar Oil.
At the same time, New Delhi has hugely ramped up its purchases of cheap Russian crude saying this is in its national interest which has angered Western governments. Russia emerged as the biggest oil exporter to India replacing Iraq as Indian refiners bought Russian crude oil which was rejected by the Western markets.
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