New Delhi, Apr 8 (IANS): India's pumps and valves sector offers a huge bilateral trade opportunity with Russia, EEPC India said on Thursday.

In his address at the Indo-Russia Partnership Summit, EEPC India Chairman Mahesh Desai noted that Russia has been a long-standing and time-tested partner for India.

"Pumps and valves segment contributes significantly to the growth of Indian economy. They have proved highly critical in productivity of the core sectors of the economy," he said.

According to EEPC India, the country has over 800 manufacturers supplying a range of pumps, compressors, pipes and other related items to clients across various sectors such as oil and gas, power and irrigation.

Currently, India contributes about 1.5 per cent to the global trade of pumps and valves.

The sector earns over $3 billion through exports. It had clocked an annual growth of 10-12 per cent.

Besides, EEPC India said that bilateral trade between India and Russia is set to grow substantially as both the countries have called for boosting trade and investment linkages.

The two countries have revised bilateral investment targets to $50 billion and bilateral trade to $30 billion by 2025.

In 2019, the bilateral trade amounted to $11.16 billion wherein India's exports were $3.92 billion while that of Russia, stood at $7.24 billion.

The major items of export from India include electrical machinery, pharmaceuticals, organic chemicals, iron and steel, apparel, tea, coffee and vehicle spare parts.

Major items of import from Russia include defence equipment, mineral resources, precious stones and metals, nuclear power equipment, fertilisers, electrical machinery, articles of steel and inorganic chemicals.