India, Russia diversify trade basket beyond traditional sectors

India and Russia should diversify their trade basket and economic exchanges by going beyond the traditional sectors and cooperating in new areas like railways, transport and logistics, pharmaceuticals, minerals and steel that will add momentum to the bilateral ties, Foreign Secretary Harsh Vardhan Shringla has said.
Addressing a meeting hosted by the Diplomatic Academy of Russian Ministry of Foreign Affairs on Wednesday, Shringla said India-Russia trade, amounting to USD 10.11 billionUSD 10.11 billion in FY 2019-2020, is far below the potential.
"Last year there was a slump but we are finding ways of reviving it. Both countries have set the bilateral trade target at USD 30 billion by 2025.