India’s efforts to increase exports to Russia gets a boost with Putin’s assurance on softening trade imbalance

Russian President Vladimir Putin’s assurance that measures were being devised to soften the trade imbalance between India and Russia while encouraging New Delhi to keep purchasing oil from Moscow has come as a shot in the arm for ongoing efforts of the Commerce Department to push exports to the country.

The Indian government is engaged with various export sectors to identify tariff and non-tariff barriers that could be addressed by Russia to increase imports from the country and bridge the ballooning trade deficit of $59 billion, sources said.

“More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” Putin stated at the international Valdai discussion forum in South Russia on Thursday evening...

Howev