GTRI: India can expand exports to Russia to $35B by 2030, cut trade deficit.

• India can expand merchandise exports to Russia from $5 billion to $35 billion by 2030, a GTRI report states.
• Current bilateral trade is $70 billion, but India's exports are under $5 billion, while imports from Russia, mainly crude oil, total $63.8 billion.
• India supplies only 2.4% of Russia's $202.6 billion import market, despite being a major exporter in many categories Russia imports.
• Significant export opportunities exist in food, agriculture, consumer goods, chemicals, pharmaceuticals, textiles, and other sectors.
• Addressing payment challenges, including establishing a modern rupee-rouble settlement system, is crucial for export growth.

Why It Matters: India can boost exports to Russia, reducing trade deficit and unlocking vast market potential.