India-Russia bilateral trade: The relationship between India and Russia is old, the impact of which is also visible on the business of both the countries, which is now being considered to be further expanded. A senior officer has told news agency PTI that India has identified about 300 such products in engineering, pharmaceuticals, agriculture and chemicals, which will provide an important opportunity to Indian exporters to increase their presence in the Russian market.
How much does India currently export to Russia?
This step has been taken at a time when both the countries are working towards increasing bilateral trade between them to 100 billion dollars by 2030. India currently sends only $1.7 billion worth of these products to Russia, whereas Russia imports a total of $37.4 billion in this category. This difference is quite big. Now it remains to be seen which of these big export spaces India can target. Moreover, the higher the shipment, the lower India’s trade deficit with Russia, which currently stands at $59 billion.
Imports from Russia to India are increasing
The country’s Commerce Ministry has shortlisted several high-potential products to increase India’s supply to meet Russia’s import demand in several major sectors. These include engineering goods, pharmaceuticals, agricultural and chemical products on a large scale, which Russia imports from other countries.
According to PTI report, India’s share in Russia’s total import basket is about 2.3 percent. Whereas imports from Russia have increased continuously, increasing from $5.94 billion in 2020 to $64.24 billion in 2024. The main reason for this is crude oil, which has increased from $ 2 billion in 2020 to $ 57 billion in 2024. Oil now accounts for about 21 percent of India’s total crude oil imports from Russia.
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