India sees $100 billion trade target with Russia by 2030, 300 products identified for export expansion

India identifies around 300 high-potential products across engineering, pharma, agriculture, and chemicals to boost exports to Russia, aiming to narrow the trade gap and achieve a bilateral trade target of USD 100 billion by 2030.

India has identified roughly 300 products across sectors like engineering, pharmaceuticals, chemicals, and agriculture that offer substantial opportunities to expand exports to Russia, according to a commerce ministry official. Currently, India exports around USD 1.7 billion in these segments, while Russia’s total imports in the same categories reach USD 37.4 billion, highlighting a significant trade gap.

The official noted that increasing exports in these sectors could also help reduce India’s trade deficit with Russia, which currently stands at USD 59 billion.

Key sectors driving growth

Engineering goods, pharmaceuticals, chemicals, and agricultural products represent the most promising areas for Indian exporters. In pharmaceuticals, India currently supplies USD 546 million, while Russia’s import demand totals USD 9.7 billion, indicating strong growth potential for generics and active pharmaceutical ingredients (APIs).

Engineering exports show similar gaps, with India contributing USD 90 million against Russia’s import demand of USD 2.7 billion. Chemicals and plastics also present opportunities, with Indian exports of USD 135 million compared to Russia’s USD 2.06 billion demand.

Opportunities beyond core sectors

Agriculture and allied products, textiles, leather, handicrafts, processed foods, and light engineering items also show considerable potential. Electronics and textiles currently capture less than 1 percent of the Russian market, but strong distribution networks could help Indian exporters scale significantly.

India’s labour-competitive manufacturing and cost advantage, combined with Russia’s growing consumer demand and diversification away from China, make these sectors attractive for expansion. The official highlighted that tapping these opportunities could support India’s long-term trade ambitions and contribute to achieving the USD 100 billion bilateral trade target by 2030.