India-Russia trade could hit $35 billion by 2030, says report
India might boost its exports to Russia from about $5 billion currently to nearly $35 billion by 2030, according to a new GTRI report.
The bigger picture? Bilateral trade between the two countries is currently touching $70 billion.
Where's the gap?
Right now, India imports way more from Russia—mostly oil—leading to a huge trade deficit of about $59 billion.
Plus, India only makes up 2.4% of what Russia buys from the world, so there's lots of room to grow.
Missed opportunities in key sectors
India's exports in food and agriculture are under $250 million, even though Russia imports $13 billion worth.
In medicines too, India sends just $413 million while Russia imports nearly $12 billion—a big missed chance for Indian companies.
What could help?
The report suggests using a rupee-rouble payment system (think: old-school Soviet era style) to make trading smoother and help Indian businesses feel more confident selling non-energy goods in Russia.