India aims to boost its trade with Russia by 50% to $100 billion by 2030, despite Western sanctions on Russia over the Ukraine conflict. Prime Minister Narendra Modi’s visit to Moscow highlighted efforts to broaden the trade portfolio and improve market access for Indian goods. India faces a $57 billion trade deficit, primarily due to crude oil imports from Russia, but benefits from discounted oil prices. The Global Trade Research Initiative suggests promoting exports, using local currencies, operationalizing the International North-South Transport Corridor, and establishing a free trade agreement with the Eurasian Economic Union to address the deficit. Efforts are underway to enhance rupee-ruble trade and resolve non-tariff barriers, amid U.S. concerns over India-Russia ties. Indian officials emphasize strategic autonomy and see the growing economic partnership with Russia as a long-term relationship.
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**Submission Statement**
India aims to boost its trade with Russia by 50% to $100 billion by 2030, despite Western sanctions on Russia over the Ukraine conflict. Prime Minister Narendra Modi’s visit to Moscow highlighted efforts to broaden the trade portfolio and improve market access for Indian goods. India faces a $57 billion trade deficit, primarily due to crude oil imports from Russia, but benefits from discounted oil prices. The Global Trade Research Initiative suggests promoting exports, using local currencies, operationalizing the International North-South Transport Corridor, and establishing a free trade agreement with the Eurasian Economic Union to address the deficit. Efforts are underway to enhance rupee-ruble trade and resolve non-tariff barriers, amid U.S. concerns over India-Russia ties. Indian officials emphasize strategic autonomy and see the growing economic partnership with Russia as a long-term relationship.