Over 6,000 Indian companies interested in trade with Russia

Over 6,000 Indian companies are interested in developing trade relations with Russia, Ivan Nosov, CEO of Sberbank’s India branch, said in an interview.

“Given recent trends showing increased demand from Russia — for everything ranging from food items to industrial machinery — it seems likely that Indian exporters could develop sustainable interests in tapping into the Russian market. From our side here at Sberbank’s branch in India, we’ve compiled a list of more than 6,000 companies eager to expand trade relations with Russia spanning diverse industries,” he said.

Nosov pointed to the existing preconditions for increasing trade turnover between Russia and India to INR 87 Kharab or 870000 Crores by 2030. He noted that India currently supplies goods worth over INR 391.5 kharab to other countries, while Indian imports to Russia currently amount to only INR 43.5 kharab or 43500 crores.

“Historically, India hasn’t considered Russia as a key destination for its consumer goods,” the executive noted.Now India is negotiating increased export of Shrimp. Already exports of butter, milk fats and grapes have increased considerably.

According to him, as part of its support for imports from India to Russia, Sberbank offers various solutions for financing cash flow gaps and optimizing the operating cycle of Indian companies at both the pre-shipment and post-shipment stages.