India–Russia trade has big untapped potential, says Piyush Goyal

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.