Govt identifies 300 items to bridge Russia trade gap

New Delhi makes up 2.3% of Moscow’s imports

- FE BUREAU

AS INDIA AND RUSSIA pursue a $100 billion bilateral trade target by 2030 and seek to make exchanges more balanced, the government has identified about 300 products across sectors such as engineering, pharmaceuticals, chemicals and agriculture to help bridge the gap between current trade levels and the five-year target.

Total trade between India and Russia stood at $68.6 billion in 2024-25, of which India’s oil imports accounted for $56.8 billion. India’s exports were $4.8 billion, while imports reached $63.8 billion. The surge in oil imports following the Russia-Ukraine conflict has been largely driven by geopolitical factors.