Commerce and Industry Minister Piyush Goyal on Thursday called for an accelerated India-Russia economic and industrial partnership, urging businesses from both countries to work towards achieving $100 billion in bilateral trade and $50 billion in two-way investment by 2030.
Addressing the INNOPROM India 2026 Co-Chair Plenary Session alongside Russian Minister of Industry and Trade Anton Alikhanov in New Delhi, Goyal said increasing bilateral trade from the current level of around $60 billion to $100 billion would require adding nearly $40 billion over the next four years and sustaining double-digit annual growth.
He stressed that the targets set by the two countries’ leaders would ultimately be measured by the performance of governments as well as businesses.
Focus on Diversifying Bilateral Trade
Goyal highlighted significant opportunities for expanding Indian exports to Russia beyond existing areas of trade.
Indian exports of meat and edible meat products more than doubled from $36 million to $97 million, while fish and aquatic product exports rose from $123 million to $159 million. Exports of edible vegetables increased from $38 million to $54 million, while coffee, tea and spices grew 13 per cent to $116 million. Products of the milling industry also nearly doubled.
Goyal said these figures indicate growing demand in Russia for products from Indian farmers, food processors, MSMEs and exporters. He identified pharmaceuticals, auto components, tractors, engineering goods, chemicals, textiles, food and marine products as areas with substantial untapped potential.
The Minister said non-energy trade remained well below its potential and would be critical to rebalancing bilateral commerce and achieving the $100 billion target.
Investment to Become a Two-Way Street
On investment, Goyal said the India-Russia priority investment projects mechanism is currently tracking 40 live projects covering advanced manufacturing, energy, mining, railways and emerging technologies.
He called on Russia to facilitate greater Indian investment in sectors such as pharmaceuticals, IT, artificial intelligence, services, engineering and railways, while urging Russian companies to expand their manufacturing presence in India.
India and Russia are also fast-tracking a new bilateral investment treaty aimed at providing greater legal certainty to investors. At the same time, India and the Eurasian Economic Union (EAEU)—comprising Russia, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic—have begun formal free trade negotiations, with India seeking an early conclusion to open new markets, particularly for MSMEs.
Goyal Invites Russian Firms to Manufacture in India
Goyal urged Russian companies to look beyond selling products in India and instead establish manufacturing operations in the country.
He highlighted India’s national industrial corridors, which offer plug-and-play infrastructure for global investors, along with a large pool of young and skilled talent.
He also encouraged Indian companies to approach Russia not merely as visitors but as investors and exporters, seeking new partnerships and business opportunities.
Connectivity and Payments Key to Trade Expansion
The Minister emphasised that smoother payment mechanisms and stronger physical connectivity would be essential to expanding bilateral commerce.
India and Russia are continuing to strengthen national and local currency settlement mechanisms, while infrastructure initiatives such as the International North-South Transport Corridor and the Chennai-Vladivostok maritime corridor are expected to strengthen trade connectivity.
Goyal said practical barriers—including payment systems, certification, standards, logistics, visas and approvals—must be identified and addressed by officials on both sides.
From Protocols to Production
Goyal highlighted India’s expanding manufacturing and infrastructure ecosystem under initiatives such as Make in India, Digital India, the industrial park scheme and Startup India. He said India invests around $130 billion annually in new infrastructure and capacity across airports, ports, expressways, railways, inland waterways, power, water infrastructure and industrial parks.
At the same time, Russia brings long-standing engineering expertise in areas including aerospace, metallurgy, nuclear technology and mining. Goyal said combining India’s scale, talent and manufacturing capabilities with Russian engineering strengths could help both countries build greater economic resilience.
He described the first-ever hosting of INNOPROM in India as a significant development in bilateral industrial relations, reflecting a shift from “protocols to production” and from “intent to industry”.
Goyal said the India-Russia relationship had weathered seven decades of global change and that the priority now should be not merely continuity but acceleration.
Quoting Prime Minister Narendra Modi, he said the “greatest strength” of India-Russia relations lies in trust, which provides direction and momentum to joint efforts.
The Minister also urged businesses attending INNOPROM India 2026 to conclude at least one deal, establish new partnerships and take forward concrete projects, underscoring the government’s push to translate the longstanding relationship into expanded trade, investment and industrial cooperation.
