Russia is looking to ease logistics and payment mechanisms as part of initiatives to welcome more Indian goods into the Russian market.
Speaking at the India-Russia Business Forum in New Delhi, Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation Maxim Oreshkin indicated that India’s capabilities weren’t being used effectively enough in supplies to Russia as he looked forward to more exports from India in consumer goods, food products, medicines, telecom and IT equipment, industry parts and labour resources.
India’s goods exports to Russia in FY25 were valued at $4.88 billion, while both sides aim at $100 billion bilateral trade by 2030 by making the trade more balanced across sectors and commodities.
Stating that the Russian delegation is in India as part of the strategic move to goods and services trade, he lauded India as the fastest growing large economy with over 8% growth in the span of past 5 years. Terming Mahindra, TCS, and Wipro as globally well-known Indian companies, he pointed out that Tata Motors was able to recover Jaguar and the fact that India exports generic medicines to over 150 countries.
Minister of Economic Development of the Russian Federation Maxim Reshetnikov said that bottlenecks are being removed to increase connectivity between India and Russia via international transport corridors. Stating that the world’s largest country is working to increase productivity by introducing AI he cited huge opportunities in e-commerce and tourism, pointing out that less than 1% of Russian tourism flow is to India currently.