India Seeks to Boost Trade with Russia Amid Growing Exports

India aims to enhance exports to Russia through various means, such as promoting rupee-rouble trade and urging Moscow to lift non-tariff barriers. This initiative follows Prime Minister Narendra Modi's visit to Russia. The bilateral trade primarily consists of India importing Russian oil, and India now seeks to balance the trade relationship.

India is aiming to enhance its exports to Russia by encouraging rupee-rouble trade and urging Moscow to lift non-tariff barriers on Indian goods. This move follows Prime Minister Narendra Modi's recent visit to Moscow.

Despite the stronger trade ties since Russia's invasion of Ukraine in early 2022, the trade flow remains largely one-sided, with India importing significant quantities of Russian oil. In the last fiscal year, Russian exports to India amounted to $61.43 billion out of the total $65.7 billion in bilateral trade.

Although bilateral trade increased by a third, India's exports to Russia have not shown significant growth. Indian trade secretary Sunil Barthwal mentioned that the government had requested Russia to reconsider certain non-tariff barriers on Indian exports, including marine food products. Additionally, New Delhi is promoting rupee-rouble trade, which has not yet gained traction.

During Modi's visit, coinciding with a missile strike on a hospital in Ukraine, the Indian leader expressed concern over the death of innocent children. Meanwhile, Russia and India identified nine key areas for future cooperation, aiming to boost bilateral trade to $100 billion by 2030. The U.S. has criticized India's close ties with Russia, expressing concerns over the relationship.