Goyal calls for push to boost India-Russia trade to $100 billion by 2030 | Today’s news
India and Russia will need to step up efforts to diversify bilateral trade and investment to meet their target of $100 billion in trade and $50 billion in two-way investment by 2030, Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at an event with Russian Industry and Trade Minister Anton Alikhanov in New Delhi, Goyal said bilateral trade, which currently stands at around $60 billion a year, will need to grow by another $40 billion in the next four years, requiring sustained double-digit annual growth.
“The targets set by the two heads of state would be a measure of the performance of governments as well as businesses,” Goyal said at INNOPROM, an international industry fair that began in Delhi on Thursday.
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According to a statement issued by the commerce ministry, Goyal called for expanding exports of pharmaceuticals, engineering goods, chemicals, textiles, food and marine products, auto components and tractor parts to Russia, saying non-energy trade between the two countries remains well below its potential.
Goyal said that the two ministries have been working closely together in the past few months to deepen economic and industrial cooperation and expressed confidence that Alikhanov’s visit would speed up the process.
He highlighted the recent growth in Indian exports of several food products to Russia. Exports of meat and meat products more than doubled from US$36 million to US$97 million, while fish and aquatic products increased from US$123 million to US$159 million. Exports of edible vegetables rose from US$38 million to US$54 million, while coffee, tea and spices rose 13% to US$116 million. According to him, the export of milling industry products has also almost doubled.
“These figures reflect the growing demand in the Russian market for the products of Indian farmers, food processors, micro enterprises, small and medium enterprises and MSME exporters,” Goyal said, adding that only a small part of the available potential was tapped.
He cited pharmaceuticals, auto components, tractors and food products as areas where India has strong export capacity and Russia has significant import demand, but Indian exports to Russia remain limited.
On investment, Goyal said the India-Russia Priority Investment Projects Mechanism is currently monitoring 40 live projects spanning advanced manufacturing, energy, mining, railways and new technologies.
He urged Russia to allow more Indian investment in areas such as pharmaceuticals, information technology, artificial intelligence, services, engineering and railways, saying the $50 billion investment target should become a truly two-way flow.
India and Russia are also fast-tracking a new bilateral investment treaty aimed at providing more legal certainty to investors, Goyal said.
India and the Eurasian Economic Union – comprising Russia, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic – have started formal free trade talks. Goyal said India remains committed to concluding talks early, which would open up new markets for Indian industry, especially micro, small and medium enterprises (MSMEs).
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Goyal also highlighted efforts to strengthen trade settlement mechanisms in national and local currencies, saying payment frictions could slow trade on the ground.
Goyal urged Russian companies to stop selling products in India and consider manufacturing in the country.
He said India’s national industrial corridors are ready for investment, with plug-and-play infrastructure available for global companies. He also highlighted India’s pool of young talent and skilled workforce as potential benefits for Russian businesses.
He also urged Indian companies to look at Russia not only as an export market but also as an investment destination, especially in sectors such as pharmaceuticals, IT, artificial intelligence, services, engineering and railways.
Goyal laid out five broad requirements for businesses and officials participating in India-Russia economic engagement: conclude at least one agreement during their visit, identify new trade partners, add non-energy products to their trade and investment plans, explore manufacturing opportunities in India, and identify and address barriers to trade and investment.
He asked officials to review whether payment systems, certification requirements, standards, logistics, visa access or regulatory approvals create barriers for businesses.
Goyal also pitched India as a manufacturing and investment destination, citing initiatives including Make in India, Digital India, Industrial Park scheme and Startup India. He said India invests $130 billion annually in infrastructure creation and capacity expansion across airports, ports, expressways, railways, inland waterways, power, water infrastructure and industrial parks.
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India’s scale, young population and talent could complement Russia’s engineering capabilities in areas such as aerospace, metallurgy, nuclear technology and mining.
The minister termed India’s first edition of INNOPROM, a global industrial technology exhibition, as significant for bilateral economic relations. He said the presence of the platform in India reflects the readiness of both countries to move “from protocols to production, from intention to industry”.
The India-Russia relationship has weathered seven decades of global change, Goyal said, adding that acceleration rather than mere continuity should now be the priority.
