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India plans to increase exports to Russia to $10 billion — Exporters' Federation

According to Ajay Sahai, Director General & CEO at Federation Of Indian Export Organizations, trade between Russia and India has been developing very dynamically over the past year

NEW DELHI, December 16. /TASS/. India plans to double its exports of goods and services to Russia, bringing them to $10 billion, Ajay Sahai, Director General & CEO at Federation Of Indian Export Organizations (FIEO, established by the Indian Ministry of Commerce and Industry), said at a meeting of the Business Club sponsored by the Russian Trade Mission in India.

"We plan to increase our exports from $5 billion to $10 billion. There are a number of sectors where we have already gained market access, and we will likely have to increase our reach into the Russian market," Sahai said.

"It's encouraging that we're approaching our goal of $100 billion in trade turnover by 2030, but I would be very happy if at least $30-35 billion came from exports from India, and about $60-65 billion from imports from Russia," he noted.

According to him, trade between Russia and India has been developing very dynamically over the past year.

"We are confident that we will continue to develop it. Trade will expand, exports will grow, and whatever minor issues arise during dialogue, we intend to resolve them," he assured.

The head of FIEO named mechanical engineering, electronics, and pharmaceuticals among promising areas.

"We have enormous potential in tourism, transport and logistics, new services, including digital payments, fintech, renewable energy, green energy, shipbuilding, and ship repair," he noted.

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