India and Russia have long shared a strategic relationship built on defence, energy, and geopolitics. As President Vladimir Putin arrives in New Delhi for the 23rd India-Russia Annual Summit, these familiar pillars will draw global attention. They matter even now, when supply chain uncertainty and geopolitical realignments define the global economy. Yet the more durable opportunity lies elsewhere. The next phase of bilateral engagement can be shaped by micro, small, and medium enterprises. MSMEs offer a scale, diversity, and agility that large government-led projects cannot match.

India has more than 63 million MSMEs, generating over 110 million jobs, making them the largest employer after agriculture, according to the Ministry of MSME. Their reach into manufacturing, services, and exports provides a natural foundation for a new economic compact with Russia. Russia, meanwhile, is rebuilding its small-business base in engineering, mining technologies, agri-processing, and digital services.

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