New Delhi, Dec. 5 -- India has the potential to raise its merchandise exports to Russia from about USD 5 billion to nearly USD 35 billion by 2030, according to a GTRI report, as President Vladimir Putin's visit to Delhi places renewed focus on narrowing the wide trade gap between the two countries.

The report shows that even though bilateral trade is touching USD 70 billion, India's exports stay below USD 5 billion while imports from Russia remain dominated by crude oil. In FY2025, India exported goods worth USD 4.9 billion but imported USD 63.8 billion, leaving a trade deficit of USD 58.9 billion. Crude oil alone formed USD 50.3 billion of these imports, turning the trade relationship into one centred almost entirely on energy.

The GTR...