India has recognized near 300 merchandise throughout engineering items, prescription drugs, agriculture and chemical compounds that provide important alternatives for Indian exporters to increase their presence within the Russian market, a senior official instructed PTI. The train comes as New Delhi and Moscow work in direction of the bilateral commerce goal of $100 billion by 2030.India at present exports solely $1.7 billion price of those merchandise to Russia, in comparison with Russia’s complete imports of $37.4 billion in the identical classes. “This stark disparity demonstrates the substantial complementary export area India can goal,” the official mentioned, including that enhanced shipments may additionally assist slender India’s commerce deficit with Russia, which stands at $59 billion.The commerce ministry shortlisted the high-potential product basket by mapping India’s provide strengths in opposition to Russia’s import demand throughout key sectors. Engineering items, prescription drugs, chemical compounds and agriculture emerge as sturdy candidates, reflecting India’s rising world competitiveness and Russia’s unmet necessities. India’s share in Russia’s total import basket stays modest at round 2.3 per cent, in response to PTI.Imports from Russia have surged greater than tenfold—from $5.94 billion in 2020 to $64.24 billion in 2024—led nearly totally by crude oil, which jumped from $2 billion to $57 billion in the course of the interval. Oil now accounts for practically 21 per cent of India’s complete crude imports from Russia, underscoring Moscow’s significance as a key provider. Fertilisers and vegetable oils are the opposite main imports.On the export entrance, agriculture and allied gadgets proceed to supply sturdy traction. India at present exports $452 million price of merchandise on this section to Russia, in opposition to Russia’s world import demand of $3.9 billion. Engineering items present an excellent wider hole, with India’s exports at $90 million versus Russia’s $2.7 billion import requirement—a possibility that widens as Russia diversifies away from China. Chemical substances and plastics inform an identical story: India provides $135 million, whereas Russia imports $2.06 billion.Prescribed drugs stay a very high-value hall. India exports $546 million of pharma merchandise to Russia, whereas Russia’s import invoice stands at $9.7 billion, giving Indian generics and APIs significant headroom for development.The official added that past these high-value sectors, labour-intensive industries comparable to textiles, attire, leather-based merchandise, handicrafts, processed meals and light-weight engineering even have sturdy export potential as a result of India’s competitiveness and Russia’s massive client base. Electronics and textiles at present have lower than 1 per cent market share in Russia however face substantial demand, which might be tapped with stronger distribution channels.
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