The Engineering Export Promotion council has identified the Pumps and Valves
sector which currently enjoys export earnings of 3 billion US dollars as the
one which offers huge bilateral trade and business opportunity between India
and the Russian federation.
With a total exports value of over 3 billion US dollars and clocking an
annual growth of 10-12 per cent, the pumps and valves sector offers huge
bilateral trade and business opportunities between India and Russia, said EEPC
India Chairman Mr Mahesh Desai.
Russia has been a
time-tested partner for India.
Speaking at the Indo-Russia Partnership Summit on Pumps and Valves, Mr
Desai noted that Russia has been a long-standing and time-tested partner for
"Pumps & valves segment contributes significantly to the growth of
Indian economy. They have proved highly critical in productivity of the core
sectors of the economy," said EEPC Chairman.
India has over 800 pump manufacturers supplying a range of pumps,
compressors, pipes and other related items to clients across various sectors
such as oil & gas, power and irrigation. India contributes about 1.5 per
cent to the global trade of pumps and valves. Indian manufacturing capabilities
in the pumps and valves sector has greater potential to grow in the global
As India and Russia have called for boosting trade and investment between
the two countries, bilateral trade is set to grow substantially in coming
The two countries have revised bilateral investment targets to 50 billion US dollars and bilateral trade
to 30 billion US dollars by 2025.
Bilateral trade amounted to 11.16
billion US Dollars in 2019 wherein Indian exports were 3.92 billion US dollars
and Russian exports were of the order of 7.24 billion US dollars.
Indian Embassy in
Moscow to find suitable Russian technologies and partners for Indian firms
Speaking at the virtual Summit, Dr. Aseem Vohra, First Secretary, Economic
& Commercial Wing, Indian Embassy in Moscow assured Indian firms of all
possible support in finding suitable Russian technologies and partners.
Major items of export from India to
Russia include electrical machinery,
pharmaceuticals, organic chemicals, iron & steel, apparels, tea, coffee,
vehicle spare parts. Major items of imports include defense equipment, mineral
resources, precious stones and metals, nuclear power equipment, fertilizers,
electrical machinery, articles of steel and inorganic chemicals.
India Pumps and Valves Expo 2021 organized by EEPC aims to provide a forum
for the Indian manufacturers to meet, interact and promote their products in a
global forum and also to provide a vent for overseas buyers to contact with
their Indian counterparts.
encourages MSMEs to integrate their business with the global value chain
India facilitates sourcing from India and encourages MSMEs to raise their
standard at par with international best practices. It also encourages MSMEs to
integrate their business with the global value chain," said EEPC India
Chairman Mr Desai.