India-Russia commerce: Western exit creates space for Indian exporters; ITE Group CEO sees $100 bn goal

The withdrawal of a number of Western firms from the Russian market has created gaps throughout vital sectors, paving the best way for Indian MSMEs and exporters to increase their footprint. Dmitry Zavgorodniy, Chief Executive Officer of Russian exhibition chief ITE Group, mentioned Indian companies are more and more aggressive and well-positioned to fill the demand, reported information company ANI.ITE Group, a worldwide exhibitions main, has been holding roadshows in India to assist small and mid-sized gamers discover alternatives in Russia and the Commonwealth of Independent States (CIS). “There are some Western companies who have left, and we know India’s economic potential is growing, not every year, every day. So, India becomes more and more competitive, and India wants to diversify its export network. So, the Russian CIS countries are here. There is a clear demand from Russia for Indian products, Indian food, technology, and equipment. Now our task is to explain, to give the businesses a chance to understand each other,” Zavgorodniy mentioned.He harassed the necessity for stronger engagement between firms from each international locations. “We should do much more communication. We explain to Russian and Indian businesses that we should talk more, communicate more, and visit each other more. And we invite Indian businesses to visit our exhibition, where they will find a lot of customers who are looking for new products. They are looking for a new experience. They are looking for a cost-effective, competitive proposal. And being here in India, I understand India can offer very competitive cost and very good and or excellent quality,” he added.Zavgorodniy acknowledged the commerce imbalance, with Russia exporting extra to India whereas Indian exports stay comparatively decrease, largely on account of restricted consciousness and communication gaps. Key sectors for potential Indian participation embody meals and agriculture, prescription drugs, engineering items, textiles, and industrial equipment. Russian consumers, he mentioned, are eager to supply cost-effective, high-quality alternate options to European and American merchandise.He highlighted how enterprise ties have expanded lately. From round 2,000 Russian companies engaged with India in 2021, the quantity has surged to 10,000 by 2025, with expectations that as much as 30,000 Indian companies may very well be exporting to Russia within the close to future.Zavgorodniy additionally pointed to the rising function of BRICS and the shift towards South-South commerce, with India rising as a key participant alongside China, Brazil, and South Africa.According to the Indian embassy in Moscow, bilateral commerce between India and Russia reached a document $68.7 billion in FY 2024-25, practically 5 instances the $10.1 billion recorded earlier than the pandemic. This included $4.88 billion of Indian exports and $63.84 billion of imports from Russia.India’s exports to Russia cowl a variety of products together with agri-products equivalent to fish, shrimp, rice, tobacco, tea, espresso, and grapes, together with prescription drugs, iron and metal, chemical merchandise, ceramics, equipment, aeroplane elements, glassware, textiles, leather-based items, rubber articles, electrical equipment, and surgical instruments.Imports from Russia are dominated by oil and petroleum merchandise, fertilisers, mineral fuels, bituminous substances, mineral waxes, equipment, valuable metals and stones, wooden, pulp and paper merchandise, vegetable oils and different industrial commodities.Both governments have set a bilateral commerce goal of $100 billion by 2030, a goal trade leaders and officers say is achievable with better consciousness, higher communication, and wider participation of Indian firms throughout sectors.