Union Commerce and Industry Minister Piyush Goyal on Thursday said Russia has always stood by India “in good times and difficult times”, as he called for a more balanced and diversified trade partnership between the two nations.
Speaking at the India–Russia Business Forum in New Delhi, Goyal said bilateral trade has touched USD 70 billion, far surpassing the USD 30 billion target set by Prime Minister Narendra Modi and President Vladimir Putin in 2014. He stressed, however, that the current trade pattern needs greater balance and diversification.
Goyal underscored that India’s share in Russia’s total imports remains below 2 per cent, despite strong economic ties. He said there is “immense potential still untapped”, identifying automobiles, electronics, heavy machinery, textiles and food products as key sectors with export opportunities for Indian businesses.
The forum, held under the theme “Sell to Russia”, brought together senior government officials and business leaders from both countries. The Russian delegation was led by Maxim Oreshkin, Deputy Chief of Staff of the Russian Presidential Executive Office, who said both sides are aiming to push trade beyond USD 100 billion by 2030, driven by stronger Indian exports.
Oreshkin highlighted promising avenues of cooperation in consumer goods, agriculture, pharmaceuticals, medical supplies, telecom, electronics, industrial components and skilled talent mobility.
Goyal said India’s economic fundamentals remain strong despite global uncertainties, with GDP expanding 7.8% in Q1 and 8.2% in Q2 of the current financial year. He noted that inflation is under control and India is on track to grow into a USD 30–35 trillion economy by 2047.
He also emphasised India’s expanding startup ecosystem, calling it one of the world’s largest and a major driver of innovation in deep tech, agri-tech, fintech, defence, semiconductors and space.
The Minister said Russia’s projected shortfall of three million skilled professionals presents a clear opportunity for India’s young workforce, which he described as talented, hardworking and outcome-focused.
Quoting Russian poet Rasul Gamzatov, Goyal said, “There are no distant lands for those who have a friend nearby. Mountains do not divide us; they only lift our gaze higher.”
Industry leaders echoed the sentiment. Anant Goenka, President of FICCI, said the future of India–Russia relations lies in high-innovation sectors such as AI, digital transformation, green energy and advanced manufacturing. He said India and Russia “do not merely trade in goods — we trade in trust”.
Both sides reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership, enhancing trade in goods and services, boosting investments and expanding cooperation in connectivity, innovation and inter-regional linkages.
