Piyush Goyal Seeks Balanced, Diversified India–Russia Trade
Commerce Minister says Russia has always stood by India; urges expansion of Indian exports across key sectors
GG News Bureau
New Delhi, 5th Dec: Union Commerce and Industry Minister Piyush Goyal on Thursday reaffirmed the enduring strength of the India–Russia relationship, describing Russia as “India’s Sukh Dukh Ka Saathi”—a companion in both good and challenging times. He was speaking at the India–Russia Business Forum in New Delhi, where senior ministers, industry leaders and officials from both nations outlined pathways for a more balanced and diversified trade partnership.
With bilateral trade approaching USD 70 billion, Goyal stressed that the current pattern remains heavily skewed and must evolve. He called for significantly increasing India’s share in Russian imports—currently under 2 per cent—and said the two countries should aim to exceed USD 100 billion in annual trade by 2030.
The Forum, themed “Sell to Russia,” focused on boosting Indian exports across sectors such as consumer goods, agriculture, pharmaceuticals, electronics, industrial components, information technology and skilled talent mobility. Russian Deputy Chief of Staff Maxim Oreshkin, delivering the keynote address, said the partnership held “immense untapped potential” and could expand across areas including food processing, telecom, medical supplies and digital technologies.
Goyal noted that India has already surpassed the bilateral trade target set by Prime Minister Narendra Modi and President Vladimir Putin in 2014. He emphasised the need to diversify the trade basket and expand India’s footprint in sectors where Russia has strong demand, including automobiles, tractors, heavy commercial vehicles, electronics, data-processing equipment, heavy machinery, textiles and food products.
Highlighting India’s broader economic trajectory, the Minister said the country is poised to grow from a USD 4 trillion economy today to USD 30–35 trillion by 2047. He pointed to India’s ability to navigate global headwinds—ranging from the pandemic to geopolitical tensions—and its steady rise as one of the world’s fastest-growing economies.
Goyal noted India’s favourable inflation, strong GDP growth of 7.8 per cent in Q1 and 8.2 per cent in Q2, and major structural reforms such as GST, labour codes, lower tax rates and compliance simplification. He said India’s expanding startup ecosystem, now the world’s third-largest, is driving innovation in deep-tech, fintech, agri-tech, defence, semiconductors and space.
He added that India’s young, skilled workforce could help address Russia’s projected shortfall of three million skilled professionals, enhancing Russia’s competitiveness.
Quoting Russian poet Rasul Gamzatov—“There are no distant lands for those who have a friend nearby”—Goyal said the India–Russia partnership represents trust, resilience and long-standing strategic alignment.
Senior ministers and officials from both countries, including India’s Fisheries Minister Rajiv Ranjan Singh and Russia’s Ministers of Economic Development, Agriculture and Digital Development, participated in detailed sectoral discussions covering energy, engineering goods, agriculture, pharmaceuticals, digital services and financial solutions.
FICCI President Anant Goenka said the future of the partnership lies in high-innovation sectors such as AI, emerging technologies, green energy, mobility and advanced manufacturing. “India and Russia do not merely trade in goods—we trade in trust,” he said.
Both sides reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership, expanding trade in goods and services, enhancing connectivity and innovation, and translating economic cooperation into shared prosperity for the people of both nations.
