"More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals," Putin said at the Valdai Discussion Club annual international conference.
He added that if India refused Russia's energy supplies, it would suffer losses estimated between $9 billion and $10 billion.
The bilateral trade between India and Russia stood at $68.7 billion in the FY25. It comprises India's exports worth $4.88 billion and imports from Russia amounting to $63.84 billion.
Key Indian exports include agri-products (fish, shrimp, rice, tobacco, tea, coffee, grapes), chemical products, pharmaceuticals, iron and steel, ceramic products, aeroplane components, machinery, glass and glassware, clothing and knitwear, leather goods, rubber articles, electrical machinery, and surgical tools.
Putin has ordered the government to devise measures to soften the trade imbalance with India due to the heavy import of crude by New Delhi.
Highlighting the relation between the two countries, Putin underlined that Russia and India have never had any problems or tensions between them and always took actions by keeping in view their sensitivities.
"We have never had any problems or interstate tensions with India. Never," the Russian leader noted.
He referred to Prime Minister Narendra Modi as his friend, noting that he feels comfortable in their trustworthy interactions.
Putin lauded India's nationalist government led by Modi, calling him a "balanced, wise", and "nationally oriented" leader.
He remarked, "Everyone in India knows this well," particularly regarding India's decision to ignore US pressure to halt oil imports from Russia. "The losses faced by India due to punitive US tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation," Putin said.
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