The Indo-Russia Strategic Economic Dialogue was created by PM Narendra Modi and President Vladimir Putin in their informal summit (held at Sochi in May 2018) to give big push to economic partnership between both countries that has started to gain momentum since 2017.

• It aims to focus on macro picture of economic partnership and also explore partnership and joint ventures in services and IT sectors.
• It seeks to put in place mechanism for partnership between resource-rich Russian regions and Indian states.
• In effort to boost bilateral trade to $30 billion by 2025, both countries have agreed to give high priority to removal of obstacles to trade in order to improve upon 21.5% growth in two-way trade recorded last year.
• India has already launched Strategic Economic Dialogue with China. The first-ever India Russia Strategic Economic Dialogue was held at St. Petersburg in Russia.