?India Looks to Boost Exports and Balance Trade Ties with Russia During Putin Visit?
????India and Russia have a long-standing strategic trade relationship. During President Vladimir Putin’s visit to India, New Delhi is focusing on strengthening and expanding trade ties with Moscow.
????India’s total merchandise trade with Russia is valued at about $68.7 billion, but it is heavily tilted in Russia’s favour. India imports around $64 billion worth of goods, mainly crude oil, while its exports to Russia are under $5 billion. In recent years, discounted Russian oil has helped India control fuel prices and manage inflation.
Both countries have agreed to raise bilateral trade to over $100 billion by 2030. Russia has expressed strong interest in buying more Indian products to help balance trade.
India is now exploring ways to boost exports to Russia, particularly in pharmaceuticals, automobiles, and agricultural and marine products. During Putin’s visit, several agreements and MoUs are expected in areas such as shipping, healthcare, fertilisers, and connectivity.
Currently, India’s key exports to Russia include engineering goods, electronics, and pharmaceuticals. India is also looking to diversify exports to Russia as it faces higher tariffs in the US, its largest trading partner.
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