The Indian government has identified 300 products in sectors like engineering, pharmaceuticals, and agriculture to bridge the massive trade gap with Russia. The initiative is part of a broader target to achieve $100 billion in bilateral trade by 2030, while making the current exchange more balanced. Currently, India’s share in Russia’s import basket remains modest at 2.3%, despite substantial unmet demand for Indian goods.
India’s imports from Moscow reached $63.8 billion in 2024-25, almost entirely driven by mineral fuels, resulting in a $59 billion trade deficit. In contrast, India’s exports stood at just $4.8 billion, reflecting a “stark disparity” in high-potential sectors. Engineering goods, chemicals, and plastics were highlighted as areas where India’s global strengths align with Russia’s needs as it diversifies away from Chinese suppliers.
Pharmaceuticals remain a strategic corridor, with India supplying only $546 million to a $9.7 billion market. Experts suggest that if India successfully cracks market access for food, textiles, and machinery, its exports to Russia could grow sevenfold to $35 billion. Strengthening distribution networks for labour-intensive industries like handicrafts and processed foods is also seen as a significant lever for growth.