Moscow: India is poised to make a bold foray into the Russian market, armed with a meticulously curated list of 300 goods ready for export.
Unveiled by the Ministry of Commerce, this ambitious plan aims to deepen economic ties with Moscow, capitalising on the growing India-Russia partnership amid shifting global trade dynamics.
The move signals India’s intent to diversify its export markets and boost bilateral trade to $100 billion by 2030.
The product list spans pharmaceuticals, textiles, engineering goods, and agricultural produce, including spices, tea, and processed foods. Indian auto components and IT services are also set to make a mark, leveraging Russia’s demand for high-quality, cost-effective solutions.
The initiative follows Prime Minister Narendra Modi’s recent engagements with Russian President Vladimir Putin, which emphasised trade expansion and rupee-rupee payment mechanisms to bypass Western sanctions.
Commerce Minister Piyush Goyal hailed the plan as a milestone, noting that India’s goods align with Russia’s consumer needs and industrial requirements. “This initiative benefits both nations,” Goyal stated, emphasising the potential for job creation and export growth.
The Federation of Indian Export Organisations (FIEO) estimates the Russian market could absorb $10 billion in Indian goods annually by 2028.
As India navigates geopolitical complexities, this trade push underscores its strategic balancing act — strengthening ties with Russia while maintaining global alliances. With logistics and trade agreements in the pipeline, India’s goods are set to make waves in Russia’s bustling markets.