After Putin departure, India has now prepared a list of 300 items; what is the plan?

India-Russia bilateral trade: India and Russia have a long-standing relationship, which is reflected in their trade, which is now being considered for further expansion. A senior official told news agency PTI that India has identified approximately 300 products in engineering, pharmaceuticals, agriculture, and chemicals, which will provide Indian exporters with a significant opportunity to expand their presence in the Russian market.

How much does India currently export to Russia?

This move comes at a time when both countries are working to increase bilateral trade to $100 billion by 2030. India currently exports only $1.7 billion worth of these products to Russia, while Russia imports a total of $37.4 billion in this category. This gap is significant. It remains to be seen which of these major export spaces India can target. Furthermore, the greater the shipments, the smaller India’s trade deficit with Russia, which currently stands at $59 billion.

Imports from Russia to India are increasing

The country’s Commerce Ministry has shortlisted several high-potential products to boost India’s supply against Russia’s import demand in several key sectors. These include a wide range of products from engineering goods to pharmaceuticals, agricultural and chemical products, which Russia imports from other countries.

According to a PTI report, India accounts for approximately 2.3% of Russia’s total import basket. However, imports from Russia have steadily increased, from $5.94 billion in 2020 to $64.24 billion in 2024. This is primarily due to crude oil, which has increased from $2 billion in 2020 to $57 billion in 2024. Oil now accounts for approximately 21% of India’s total crude oil imports from Russia.