New Delhi, India: Commerce and Industry Minister Piyush Goyal has called for faster expansion of India-Russia economic ties, with both countries targeting $100 billion in bilateral trade and $50 billion in two-way investment by 2030.
Speaking at the INNOPROM India 2026 Co-Chair Plenary Session in New Delhi alongside Russian Minister of Industry and Trade Anton Alikhanov, Goyal said bilateral trade would need to rise from its current level of around $60 billion, requiring sustained double-digit annual growth over the next four years.
Goyal identified pharmaceuticals, auto components, tractors, engineering goods, chemicals, textiles, food and marine products as areas where India could significantly increase exports to Russia. He pointed to recent growth in several food categories, including meat and edible meat products, fish and aquatic products, vegetables, coffee, tea and spices.
The minister said non-energy trade remains well below its potential and would be central to rebalancing bilateral commerce. He also highlighted 40 live investment projects being tracked under the India-Russia priority investment projects mechanism across advanced manufacturing, energy, mining, railways and emerging technologies.
Goyal urged Russia to expand investment in India while encouraging Indian companies to pursue opportunities in Russia across pharmaceuticals, IT, artificial intelligence, services, engineering and railways. India and Russia are also working to fast-track a new bilateral investment treaty, while India and the Eurasian Economic Union are pursuing free trade negotiations.
On manufacturing, Goyal invited Russian companies to establish production facilities in India, highlighting the country’s industrial corridors and plug-and-play infrastructure. He also called on Indian businesses to enter Russia as investors and exporters rather than limiting their presence to trade visits.
The minister also highlighted stronger local-currency payment mechanisms and transport links, including the International North-South Transport Corridor and Chennai-Vladivostok maritime corridor, as important to improving bilateral trade.
Source: This article is based on an official press release issued by the Press Information Bureau (PIB)
Press Release: Press Information Bureau
