New Delhi (TIP): Union Commerce and Industry Minister Piyush Goyal on Thursday, Sept 10, called for an accelerated India-Russia economic and industrial partnership, urging businesses from both countries to work towards achieving the target of USD 100 billion in bilateral trade and USD 50 billion in two-way investment by 2030.
Addressing the INNOPROM India 2026 Co-Chair Plenary Session with Russian Minister of Industry and Trade Anton Alikhanov in New Delhi, Goyal said the targets set by the two Heads of State would serve as a measure of the performance of both governments and businesses.
Goyal said raising bilateral trade from the current level of around USD 60 billion to USD 100 billion would require an additional USD 40 billion over the next four years, translating into sustained double-digit year-on-year growth. He stressed that achieving the target would require significant efforts not only from the two governments but also from businesses on both sides.
Highlighting the scope for diversifying bilateral trade, Goyal pointed to strong growth in several Indian export categories.
Indian exports of meat and edible meat products more than doubled from USD 36 million to USD 97 million, an increase of nearly 170 per cent. Fish and aquatic products rose from USD 123 million to USD 159 million, while exports of edible vegetables increased from USD 38 million to USD 54 million.
Exports of coffee, tea and spices grew 13 per cent to USD 116 million, while products of the milling industry nearly doubled, he said.
Goyal said non-energy trade between India and Russia remained well below its potential, providing significant headroom to bridge the gap between the current USD 60 billion trade level and the USD 100 billion target.
He said rebalancing bilateral trade through greater Indian exports of pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products and automobiles would be central to achieving the goal.
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