The Indian government has identified around 300 products with strong potential to significantly increase exports to Russia, as part of efforts to strengthen bilateral trade ties and move towards a long-term trade target of USD 100 billion by 2030. The shortlisted products span key sectors such as engineering goods, pharmaceuticals, chemicals and agriculture, where India has competitive manufacturing capabilities and Russia has substantial import demand.

Currently, India’s exports of these identified products to Russia remain relatively modest compared to Russia’s overall import requirements, highlighting a large untapped opportunity for Indian exporters. Officials said the selection was based on an analysis of complementary trade baskets, aligning India’s production strengths with Russia’s demand profile.

Engineering goods account for one of the largest opportunity gaps, with Russian demand for machinery, equipment and industrial components far exceeding India’s current export levels. Pharmaceuticals and chemicals are also seen as strategic growth areas, given India’s strong position as a global supplier of affordable medicines and specialty chemical products.

Agricultural and allied products form another important segment, with scope to expand exports of foodgrains, processed foods and other farm-based products. Strengthening exports in this category could help diversify India’s export mix while deepening economic engagement with Russia.

Officials noted that boosting exports would also help address India’s trade imbalance with Russia, which has widened in recent years due to increased imports of crude oil and other commodities. At present, India accounts for only a small share of Russia’s total imports, indicating significant headroom for growth across multiple sectors.

Beyond engineering, pharma, chemicals and agriculture, labour-intensive sectors such as textiles, apparel and processed foods have also been identified as potential areas for expansion, provided market access, logistics and payment mechanisms continue to improve.