India Poised to Boost Exports in Russian Market

India targets a $100 billion trade with Russia by 2030, identifying 300 products for potential export growth, including engineering goods, pharmaceuticals, agri-products, and chemicals. These sectors offer significant opportunities to bridge India's trade deficit with Russia and capitalize on unmet demand in the Russian market.

India is setting its sights on bolstering trade with Russia, targeting a $100 billion exchange by 2030. The push focuses on 300 products, notably in engineering, pharmaceuticals, agriculture, and chemicals, which are viewed as holding substantial potential for expanding Indian exports, according to a government official.

While India's current exports to Russia amount to $1.7 billion against Russia's $37.4 billion in imports, the commerce ministry's analysis has highlighted considerable room for growth. By addressing the disparity, India aims to reduce its $59 billion trade deficit with Russia.

The strategic export push aligns with India's strengths, especially in sectors like pharmaceuticals and engineering goods. The plan also identifies opportunities in labor-intensive industries, such as textiles and electronics, leveraging India's cost advantages to meet Russian demand effectively.

(With inputs from agencies.)