300 products hold huge potential for exports to Russia

New Delhi: As many as 300 products, including that of engineering goods, pharma, agri, and chemicals, hold huge potential for Indian exporters to push their shipments to Russia as the two countries target $100 billion trade by 2030, an official said.

At present, India’s exports of these goods to Russia stood at $1.7 billion, as against Russia’s $ 37.4 billion in imports. “This stark disparity demonstrates the substantial complementary export space India can target,” the official said, adding increasing exports will also help India bridge its trade deficit with Russia, which stood at $ 59 billion. These high-potential products have been selected by the commerce ministry by analysing complementary basket of products -- mapping India’s supply visa-a-vis Russia’s demand across key sectors, the official added. The most promising areas mirror India’s rising global strengths are engineering goods, pharmaceuticals, chemicals and agriculture, all of which correspond to substantial unmet demand in the Russian market.