Union Minister of Commerce and Industry Piyush Goyal called for accelerating the economic and industrial partnership between India and Russia on Thursday. Addressing a plenary session with Russia’s Minister of Industry and Trade, Anton Alikhanov, during ‘Innoprom India 2026’ in New Delhi, he urged the industries of both nations to collaborate towards achieving the target of raising bilateral trade to $100 billion and two-way investments to $50 billion by 2030.
Target to Increase Trade from $60 Billion to $100 Billion
Piyush Goyal stated that an additional growth of approximately $40 billion would be required to raise the current bilateral trade—standing at around $60 billion—to $100 billion over the next four years. This necessitates achieving consistent double-digit growth annually. He emphasised that this goal could be realised not merely through government efforts, but through the active participation of the industrial sectors in both countries.
Significant Opportunities in Pharma, Auto Components, and Food Sectors
Emphasising the need to diversify trade between the two nations, Goyal highlighted the immense potential to boost exports in sectors such as pharmaceuticals, auto components, tractors, and food products. He noted that there are several products which Russia imports on a large scale globally and India exports in large volumes, yet Indian exports of these specific items to Russia remain relatively low.
Growth in Food Product Exports
Goyal reported that Indian exports of meat and meat products to Russia have risen from $36 million to $97 million. Exports of fish and aquatic products increased from $123 million to $159 million, while exports of edible vegetables grew from $38 million to $54 million. Exports of coffee, tea, and spices rose by 13% to reach $116 million, and exports of milling industry products nearly doubled. Emphasis on Boosting Non-Energy Trade
The Commerce Minister stated that non-energy trade between the two nations is currently well below its potential. Boosting Indian exports of pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products, and automotive components will be crucial to achieving a balanced trade relationship.
Focus on $50 Billion Investment Target
Regarding investment, Goyal noted that the India-Russia priority investment project mechanism is monitoring 40 active projects across sectors such as advanced manufacturing, energy, mining, railways, and emerging technologies. He urged Russia to provide more investment opportunities for India in sectors like pharmaceuticals, IT, artificial intelligence, services, engineering, and railways.
Expediting Work on New Bilateral Investment Treaty
Goyal mentioned that India and Russia are fast-tracking work on a new bilateral investment treaty. The aim is to provide investors from both countries with the necessary legal certainty when making investment decisions. He added that free trade negotiations between India and the Eurasian Economic Union are also underway, which will open up new markets for industries, particularly MSMEs.
Emphasis on Strengthening Local Currency Payment Mechanisms
The Minister stated that both countries are strengthening payment mechanisms using national and local currencies. He noted that trade on the ground is often more affected by payment-related hurdles than by tariffs. Goyal also emphasised the need to increase investment in connectivity projects such as the International North-South Transport Corridor and the Chennai-Vladivostok Maritime Corridor.
Invitation to Russian Companies to Manufacture in India
Piyush Goyal urged Russian industry to manufacture in India rather than merely selling goods in the country. He highlighted that India’s national industrial corridors are ready for investment and offer ‘plug-and-play’ infrastructure for global partners. He described India’s young talent and skilled workforce as key assets for Russian companies. Call to Indian Industry to Increase Investment in Russia
Goyal urged Indian industry to view Russia not merely as a destination for business trips, but as a source of opportunities for investment and exports. He encouraged business leaders to explore new partnerships and commercial prospects.
Call to Remove Barriers to Trade and Investment
The Minister urged officials from both nations to identify and resolve practical hurdles affecting trade and investment. He emphasised the need to address issues related to payment systems, certification, standards, logistics, visas, and approval processes.
Highlighting the Strengths of India’s Industrial Ecosystem
Goyal stated that through initiatives such as ‘Make in India’, ‘Digital India’, the Industrial Parks Scheme, and ‘Startup India’, India has established a robust foundation for large-scale manufacturing and industrial expansion. He noted that India is investing approximately $130 billion annually in infrastructure, including airports, ports, expressways, railways, inland waterways, power infrastructure, and industrial parks.
Emphasis on Synergising India and Russia’s Technological Strengths
Goyal remarked that India possesses immense potential in terms of talent and skills, driven by a young and ambitious population. Russia, meanwhile, holds decades of experience in sectors such as aerospace, metallurgy, nuclear technology, and mining. The convergence of both nations’ capabilities can go beyond that to help strengthen both economies.
‘Trust’ is the greatest strength of India-Russia relations
Highlighting the long-standing ties between India and Russia, Goyal noted that this relationship has weathered the ups and downs of seven decades in a changing world. Now, both nations face the challenge of accelerating their cooperation. Quoting PM Modi, he stated that trust is the greatest strength of India-Russia relations, providing both direction and momentum to their joint efforts.
Innoprom held in India for the first time
Goyal termed the hosting of Innoprom in India for the first time as a significant milestone. He noted that for over a decade, Innoprom has served as a global industrial technology exhibition, showcasing Russian engineering and manufacturing capabilities to the world. Hosting it in India signals a shift in the bilateral relationship from “protocol to production” and from “intent to industry.”
Economic and industrial cooperation to gain momentum
Goyal mentioned that ministries from both countries have been working together over the past few months to strengthen economic and industrial cooperation. He expressed confidence that the visit of Russia’s Minister of Industry and Trade, Anton Alikhanov, to India would further accelerate this progress. He extended his best wishes for success to the Russian delegation and the business community participating in Innoprom India 2026.
