India Set to Expand Influence in Russia Amid Western Business Exits

India is poised to fill the gaps left by Western businesses in Russia, according to Roscongress Foundation CEO Alexander Stuglev. With sectors like pharma, IT, and agriculture ripe for expansion, Indian companies are already seeing success and have significant growth potential.

India is strategically positioned to expand its presence in the Russian market, seizing opportunities left by Western companies that have exited amid geopolitical tensions. Alexander Stuglev, CEO of Roscongress Foundation, expressed robust confidence in India's capacity to occupy this space.

During Russian President Vladimir Putin's state visit to India, Stuglev highlighted the encouraging successes of Indian firms in Russia, emphasizing vast growth potential across various sectors. The India-Russia Business Forum at Bharat Mandapam showcased these successes as well as new prospects in pharmaceuticals, IT, agriculture, and energy.

India's trade relationship with Russia is on the rise, aiming for a targeted trade turnover of USD 100 billion by 2030. Russian markets now present openings for various Indian exports, including pharmaceuticals and electronics, amid ongoing free trade agreement negotiations between the Eurasian Economic Union and India.