Moscow identifies industry, pharma and AI as new growth areas for Indian exports

What happened

Russian Economic Development Minister Maxim Reshetnikov told RT India that trade with India has grown rapidly and that the range of Indian exports entering Russia is widening. He spoke during a Russian delegation visit to New Delhi that accompanied President Vladimir Putin ahead of the BRICS summit.

The trade picture

Reshetnikov said trade volume between the two countries increased sevenfold over five years and reached $79 billion last year. He acknowledged the trade relationship remains unbalanced because Russia still supplies a substantial share of resources to India, but noted Indian exports to Russia are expanding in both volume and variety.

Reshetnikov singled out three areas where Indian goods and services are gaining traction in Russia:

• Industrial and engineering products: He said India has been producing a wider range of engineering goods that are starting to enter the Russian market.
• Pharmaceuticals: Indian pharmaceutical exports are part of the diversification beyond commodity trade.
• Technology, software and AI-based solutions: The minister called technology "definitely a breakthrough" and described software development, services and AI solutions as a major platform for cooperation and near-term investment.

Policy measures under discussion

Reshetnikov listed several concrete policy steps and negotiation tracks intended to support that diversification:

• India–EAEU free trade agreement: Negotiations on a free trade pact with the Eurasian Economic Union (Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia) are ongoing and are expected to boost diversification if concluded.
• Visa rules and tourism: Moscow proposes easing visas to expand travel and business, while noting New Delhi has already introduced visa-free entry for certain categories. Russian officials are also evaluating fee reductions or waivers.
• Air connectivity: Reshetnikov said current service is about 15 flights per week and called for growth to "hundreds" of flights. He said Russia is actively encouraging Indian airlines to start or expand routes and that there will be no problems obtaining permits.

Context and next steps

The comments came amid broader high-level engagement during President Putin's trip to India. Reshetnikov framed technology and AI as priorities for near-term investment and cooperation, and tied transport and visa facilitation directly to the ability of businesses and tourists to deepen links.

Expect negotiations on the EAEU–India free trade agreement, aviation route approvals, and visa-fee decisions to be the immediate items to watch. Progress on those fronts would make it easier for Indian industrial, pharma and tech suppliers to scale exports to Russia and to partner on joint ventures or investment projects.