Trade boost: 300 Indian products identified for Russian export push; government maps promising sectors – The Times of India

India has identified nearly 300 products across engineering goods, pharmaceuticals, agriculture and chemicals that offer significant opportunities for Indian exporters to expand their presence in the Russian market, a senior official told PTI. The exercise comes as New Delhi and Moscow work towards the bilateral trade target of $100 billion by 2030.India currently exports only $1.7 billion worth of these products to Russia, compared to Russia’s total imports of $37.4 billion in the same categories. “This wide disparity demonstrates the substantial complementary export space that India can focus on,” the official said, adding that improved shipments could also help narrow India’s $59 billion trade deficit with Russia.The Commerce Ministry has shortlisted the high potential product basket by comparing India’s supply strengths against Russian import demand in key sectors. Tech goods, pharmaceuticals, chemicals and agriculture are emerging as strong candidates, reflecting India’s growing global competitiveness and Russia’s unmet needs. According to PTI, India’s share in Russia’s total imports remains modest at around 2.3 percent.Imports from Russia have increased more than tenfold – from $5.94 billion in 2020 to $64.24 billion in 2024 – led almost entirely by crude oil, which rose from $2 billion to $57 billion in that period. Oil now accounts for nearly 21 percent of India’s total crude imports from Russia, underscoring Moscow’s importance as a key supplier. Fertilizers and vegetable oils are the other important import products.On the export front, agriculture and related products remain a strong attraction. India currently exports $452 million worth of products in this segment to Russia, while Russia’s global import demand stands at $3.9 billion. Tech goods show an even wider gap, with Indian exports at $90 million against Russia’s import needs of $2.7 billion – an opportunity that will widen as Russia diversifies further away from China. Chemicals and plastics tell a similar story: India supplies $135 million, while Russia imports $2.06 billion.Pharmaceutical products remain a particularly high-quality corridor. India exports $546 million worth of pharmaceutical products to Russia, while Russia’s import bill is $9.7 billion, giving Indian generics and APIs significant room for growth.The official added that besides these high-value sectors, labor-intensive industries such as textiles, apparel, leather products, handicrafts, processed food and light engineering also have strong export potential due to India’s competitiveness and Russia’s large consumer base. Electronics and textiles currently have less than 1 percent market share in Russia, but face significant demand, which could be tapped with stronger distribution channels.