By Admin 
Amidst America’s new tariff policy and changes in global trade equations, India has now started seeing Russia’s huge market as a new opportunity. The visit of Russian President Vladimir Putin to India has further strengthened these possibilities. The business world is believing that India-Russia trade can reach new heights in the coming times.
Amidst increasing trade uncertainty in America, India’s eyes are now fixed on Russia. Brijesh Goyal, Chairman of Chamber of Trade and Industry (CTI), the country’s leading business organization, told the ABP Live team that India currently exports about 5 billion dollars to Russia, but this figure is much less than Russia’s capacity. At the same time, China is maintaining a strong hold on the Russian market by exporting about 115 billion dollars.
Expectations increased due to Putin’s visit
Goyal believes that President Putin’s visit to India has given rise to new possibilities for trade between the two countries. He says that in the near future, India’s exports to Russia can increase to 10 billion dollars annually. Starting trade in local currency can also accelerate this growth.
From smartphones to medicines – still a big gap
India has become the world’s second largest smartphone manufacturer, yet India exports only $75 million worth of mobile phones to Russia. India has a strong hold in the field of medicines, yet medicines worth only $245 million are sent to Russia. Not only this, India’s export in textile sector is only 29 million dollars, which is considered very low compared to its potential.
Business can increase in many sectors
Brijesh Goyal said that there is huge potential for India in Russia in electronics, machinery, textiles, pharma and many other sectors. He also said that starting transactions in indigenous currency will make business easier and the penetration of Indian products in Russia can become stronger.
US tariff shock and Russia’s option
CTI believes that India’s exports to the US market have been affected after the Trump administration imposed 50% import duty on India. In such a situation, Russia can become a strong and reliable option, where there is a large consumer base for Indian goods.
New avenues will open in defense and maritime sectors also
India has been an important partner of Russia in the defense sector for a long time. Goyal said that while Russia provides defense equipment to India, there can also be a possibility of their production units in India in the future. On the other hand, Russia is showing increasing interest in importing Indian marine products, which will give further impetus to bilateral trade.
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