Russia-India Trade Turnover Exceeds $70 Billion, Targets $100 Billion Goal

NEW DELHI, June 29. /TASS/. The steadily growing trade turnover between Russia and India lays the foundation for expanding cooperation, including among small and medium-sized enterprises (SME) of the two countries, Russia’s Deputy Trade Representative in India Evgeny Griva said.

"We are currently witnessing steady growth in Russian-Indian trade turnover. In 2020-2021, the volume of trade between our countries stood at around $14 bln whereas today it exceeds $70 bln. At the same time, we have a concrete goal of raising this figure to $100 bln," he said at a forum on SME development organized by the Global Trade and Technology Council of India in New Delhi.

"The growth of bilateral trade was made possible by changes in the global political and economic landscape," Griva said, adding that since 2022, Russia has assumed a more prominent place in India’s information and economic agenda. "Today, Russia is India’s fourth-largest trading partner and third-largest supplier of goods," he noted.

Initially, shipments of Russian oil, fertilizers, and other products drove trade growth, the official said. At the same time, in his view, a favorable foundation has now been established for the further qualitative development of economic ties.

Griva highlighted the special role of small and medium-sized enterprises' cooperation in this process. "Russia’s trade mission is ready to support Indian small and medium-sized businesses in identifying opportunities within the Russian market, as well as to assist in finding partners for project implementation in India and in attracting technology and investment," he concluded.