India Plans to Export 300 Products to Russia, Targeting $100 Billion Bilateral Trade by 2030

New Delhi: India is set to strengthen its trade ties with Russia, with plans to expand exports across 300 identified products. The initiative comes as both nations aim to mitigate trade concerns following U.S. tariffs imposed by former President Donald Trump, which affected Indian exports.

The selected products include engineering goods, pharmaceuticals, agricultural products, and chemicals. A senior official told PTI that this move is part of efforts to achieve a $100 billion bilateral trade target by 2030.

Currently, India exports only $1.7 billion worth of these products to Russia, whereas Russia imports a total of $37.4 billion in the same categories. The significant gap highlights the immense growth potential for Indian exporters. Increasing exports to Russia is also expected to reduce India’s trade deficit, which currently stands at $59 billion.

Key Products and Opportunities
The Ministry of Commerce prepared the list of high-potential products by matching India’s supply capabilities with Russia’s import demand. Agricultural goods and allied products currently see exports of $452 million, against Russia’s $3.9 billion global import demand.

In engineering goods, India exports $90 million, while Russia imports $2.7 billion, showing a large untapped opportunity. Similarly, chemicals and plastics have export potential, with India exporting $135 million against Russia’s $2.06 billion import demand. Pharmaceuticals, including generic drugs and active pharmaceutical ingredients (APIs), also offer significant scope; India currently exports $546 million, while Russia’s total imports stand at $9.7 billion.

Other Growth Areas
Officials point out additional opportunities in textiles, garments, leather products, handicrafts, processed foods, and light engineering, given India’s competitive advantage and Russia’s large consumer base. Electronics and textile products account for less than 1% of Russia’s market, but demand is strong and can be captured with improved distribution channels.

Energy Trade Highlights
India’s imports from Russia have grown sharply, from $5.94 billion in 2020 to $64.24 billion in 2024, primarily due to crude oil, which rose from $2 billion to $57 billion. Today, India sources around 21% of its crude oil from Russia, making it a critical energy partner. Fertilizers and vegetable oils are also major imports.

This strategic expansion into the Russian market is expected to diversify India’s export destinations, reducing dependence on the U.S. and China, and boost Indian businesses across multiple sectors.