India has the potential to increase its merchandise exports to Russia seven-fold—from $5 billion to $35 billion by 2030—if it secures market access in food, pharmaceuticals, textiles and machinery, according to Global Trade and Research Initiative (GTRI) founder Ajay Srivastava. The report comes as President Vladimir Putin visits Delhi and as Moscow reiterates its goal of lifting bilateral trade to $100 billion by the end of the decade. Although total trade is now approaching $70 billion, India’s exports remain stuck below $5 billion, while imports—dominated by crude oil—continue to surge. In FY2025, India exported $4.9 billion worth of goods to Russia but imported $63.8 billion, leaving a $58.9 billion trade deficit. Crude oil alone accounted for $50.3 billion, underlining how bilater

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