India on Thursday pushed for a more diversified and export-driven trade relationship with Russia, as Commerce and Industry Minister Piyush Goyal highlighted both the strength of bilateral ties and the need to address the growing trade imbalance. Speaking at the India–Russia Business Forum in New Delhi, Goyal said Russia has been “India’s sukh dukh ka saathi—a partner through good and difficult times,” underscoring the strategic depth of the relationship.
With bilateral trade already touching $70 billion, Goyal said the two countries have exceeded the $30-billion target set for 2025, but stressed that India’s share in Russian imports remains under 2%, leaving “immense untapped potential.” Russian Presidential aide Maxim Oreshkin echoed this sentiment, noting the ambition to push trade volumes past $100 billion by 2030, driven by a sharp rise in Indian exports.
The Forum, themed “Sell to Russia,” focused on opening the Russian market to a wider basket of Indian products, identifying high-potential segments such as automobiles, heavy machinery, electronics, smartphones, industrial components, pharmaceuticals, textiles and food products. Senior officials from both governments and industry leaders held sector-specific discussions spanning energy, minerals, IT services, agriculture, transport equipment and digital solutions.
Calling for a “more balanced and mutually rewarding” trade relationship, Goyal said India sees “enormous possibilities” in expanding exports to Russia and removing bilateral trade barriers. He added that closer business-to-business engagement would be crucial to realising this “untapped potential.”
Goyal highlighted India’s strong macroeconomic fundamentals, noting growth rates of 7.8% in Q1 and 8.2% in Q2, low inflation, rising investor confidence and the rapid expansion of India’s $4-trillion economy, which he projected could grow to $30–35 trillion by 2047. He pointed to India’s deep startup ecosystem, its global leadership in STEM talent, and a young workforce capable of filling Russia’s projected shortfall of three million skilled professionals.
The minister also emphasised ongoing reforms such as GST, EoDB improvements, simplified compliance norms and consolidation of labour laws. India’s innovation strengths in AI, digital transformation, semiconductors, defence technology and space, he noted, position the country as a strong partner for Russia’s long-term economic goals.
Terming the India–Russia relationship a “Special and Privileged Strategic Partnership”, Goyal said it has withstood global shocks and continues to reflect “unwavering solidarity.” Quoting poet Rasul Gamzatov — “There are no distant lands for those who have a friend nearby” — Goyal said the partnership is built on decades of trust.
Industry leaders, including FICCI President Anant Goenka, said the future trajectory of bilateral cooperation lies in digital technologies, emerging tech, green energy, advanced manufacturing, fintech and startups.