Boosting India’s Exports to Russia: A Path to $100 Billion Trade Target
India is ramping up efforts to enhance exports to Russia, focusing on sectors like electronics and addressing non-tariff barriers. With a goal of achieving a $100 billion annual trade volume by 2030, both countries are working towards developing a robust bilateral payment settlement mechanism using their national currencies.
Commerce Secretary Sunil Barthwal highlighted the importance of increasing market access for Indian exports to Russia and addressing issues faced by industries like marine and pharma. He also mentioned exploring export opportunities in sectors affected by Western sanctions in Russia.
Key exports from India to Russia include electrical machinery, pharmaceuticals, and machinery, while major imports from Russia consist of oil, petroleum products, and fertilizers. In the fiscal year 2023-24, India’s exports to Russia totaled $4.26 billion, with imports at $61.43 billion, primarily due to crude oil imports.
As both countries aim to strengthen economic ties, collaborations in various sectors and initiatives like rupee-rouble trade are being pursued to drive bilateral trade growth and achieve the ambitious trade target.
Published on: 15 July 2024, 14:57 IST