NEW DELHI, July 24. /TASS/. India and Russia will achieve the trade turnover level of $100 bln per year earlier than 2030, Director General and CEO of the Federation of Indian Export Organizations (FIEO) Ajay Sahai told TASS.
Moscow and New Delhi decided during the Russian-Indian summit to scale up the bilateral trade turnover to $100 bln by 2030, Sahai noted. According to the growth trend in place, this figure will be reached by 2028, he said.
"We have not yet exploited the potential which has been offered for Indian exports," the expert said. "By and large the trade is dominated by imports from Russia. But we are very happy Russia is providing us with oil at a very competitive price, which is softening the energy prices, benefiting the consumer," Sahai stressed.
"We have to see what best can be done so that a lot of items which are in demand from Russia, we can supply from India," the expert noted. "Much of the demand is for the machinery, electrical and electronics products, medical and diagnostic equipment, aircraft parts and components, and this matches with India's rising technical promise," Sahai said. "If you look into our overall exports, we are doing very well in technology-driven sectors," he added.
Many Indian companies of different levels are going to boost exports to different countries of the world, including Russia, Sahai stressed.
The trade level between India and Russia in the financial year of 2023-2024 that ended on March 31 gained 1.8 times and stood at $65.7 bln. Russia became the fourth largest trade partner of India after the US, China, and the UAE.