Our Bureau
New Delhi
The Indian government has pinpointed nearly 300 high-potential products across engineering goods, pharmaceuticals, agriculture, and chemicals to ramp up exports to Russia, aiming to slash a massive $59 billion trade deficit and hit a $100 billion bilateral trade target by 2030. Currently, India exports just $1.7 billion of these items to Russia, which imports $37.4 billion worth globally, revealing vast untapped opportunities. Officials from the commerce ministry conducted a detailed mapping of India’s supply strengths against Russia’s import demands, spotlighting sectors where New Delhi holds competitive edges.
Engineering goods emerge as a prime focus, with India shipping only $90 million versus Russia’s $2.7 billion import needs, especially as Moscow diversifies suppliers away from China. Pharmaceuticals offer another key avenue: India supplies $546 million in generics and APIs, dwarfed by Russia’s $9.7 billion pharma import bill. Agriculture and allied products show promise too, at $452 million exported against $3.9 billion demanded, while chemicals and plastics lag at $135 million versus $2.06 billion.
Russia dominates India’s imports, particularly crude oil at 21% of total supplies—up tenfold since 2020—alongside fertilizers and vegetable oils, fueling the imbalance. Labour-intensive sectors like textiles, apparel, leather, handicrafts, processed foods, and light engineering also hold potential, leveraging India’s cost advantages and Russia’s consumer market, though market shares in electronics and textiles hover below 1%.
