India-Russia Trade: 7x Export Boom Possible?

India possesses the potential to significantly expand its export market in Russia, with estimates suggesting a sevenfold increase is achievable. This growth could be driven by strong demand in sectors such as food products, pharmaceuticals, textiles, and machinery.

However, the existing trade dynamic is largely dominated by oil imports, resulting in a considerable trade imbalance that favors Russia. Overcoming this requires strategic adjustments to the current trade framework.

To facilitate this expanded trade relationship, India and Russia must collaborate on establishing a modern settlement system using the rupee and ruble. Improving the ease of conducting business in competitive sectors is also a critical step toward realizing greater trade potential.