Moscow to boost India sourcing, tariff & regulatory hurdles to ease

Russian President Vladimir V Putin confirmed that, to narrow the massive trade deficit with India, Russian businesses will ramp up the supply of Indian goods, and both governments have agreed to work on reducing challenges created by tariff and non-tariff barriers.

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Meeting in New Delhi on Friday at the 23rd India-Russia Summit, the two countries, along with several delegates from both sides, set an ambitious goal of reaching $100 billion in trade by 2030, or earlier.

"Given the significant trade deficit of Russia, Russian businesses and companies are ready to manifold increase the supply from India of goods and services," said Putin during his address at the summit.