India has identified close to 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 stark disparity demonstrates the substantial complementary export space India can target,” the official said, adding that enhanced shipments could also help narrow India’s trade deficit with Russia, which stands at $59 billion.The commerce ministry shortlisted the high-potential product basket by mapping India’s supply strengths against Russia’s import demand across key sectors. Engineering goods, pharmaceuticals, chemicals and agriculture emerge as strong candidates, reflecting India’s growing global competitiveness and Russia’s unmet requirements. India’s share in Russia’s overall import basket remains modest at around 2.3 per cent, according to PTI.Imports from Russia have surged more than tenfold—from $5.94 billion in 2020 to $64.24 billion in 2024—led almost entirely by crude oil, which jumped from $2 billion to $57 billion during the period. Oil now accounts for nearly 21 per cent of India’s total crude imports from Russia, underscoring Moscow’s importance as a key supplier. Fertilisers and vegetable oils are the other major imports.On the export front, agriculture and allied items continue to offer strong traction. India currently exports $452 million worth of products in this segment to Russia, against Russia’s global import demand of $3.9 billion. Engineering goods show an even wider gap, with India’s exports at $90 million versus Russia’s $2.7 billion import requirement—an opportunity that widens as Russia diversifies away from China. Chemicals and plastics tell a similar story: India supplies $135 million, while Russia imports $2.06 billion.Pharmaceuticals remain a particularly high-value corridor. India exports $546 million of pharma products to Russia, while Russia’s import bill stands at $9.7 billion, giving Indian generics and APIs meaningful headroom for growth.The official added that beyond these high-value sectors, labour-intensive industries such as textiles, apparel, leather products, handicrafts, processed foods 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 per cent market share in Russia but face substantial demand, which could be tapped with stronger distribution channels.
