India Boosts Exports to Sanction-Hit Russia With Focus on Electronics
India is intensifying its efforts to ramp up exports to Russia by focusing on electronics and seeking the removal of non-trade barriers. A delegation will visit Russia to address these issues and explore market access opportunities. The goal is to reach a USD 100 billion annual trade volume by 2030.
- Country:
- India
India is making strategic moves to enhance its export portfolio to Russia, especially in sectors like electronics, amid sanctions on Russia. Senior government officials announced on Monday that India is addressing non-tariff barriers to improve market access.
An Indian delegation is scheduled to visit Russia following the recent summit between Prime Minister Narendra Modi and Russian President Vladimir Putin. Commerce Secretary Sunil Barthwal revealed that efforts are on to remove these barriers and increase exports.
India and Russia aim to achieve a USD 100 billion annual trade volume by 2030, up from the current USD 67 billion. Key Indian exports include electrical machinery, pharmaceuticals, and chemicals, while imports from Russia are dominated by oil and petroleum products.
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