India, Russia Need To Fast-Track Economic Ties To Hit USD 100 Bn Trade Target by 2030: Goyal

New Delhi, Sep 11 (KNN) Union Minister of Commerce and Industry Piyush Goyal called for an accelerated India-Russia economic and industrial partnership to achieve 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 bilateral trade, currently around USD 60 billion, would need to increase by about USD 40 billion over the next four years, requiring sustained double-digit year-on-year growth.

Goyal highlighted opportunities to diversify Indian exports to Russia. 

Exports of meat and edible meat products increased from USD 36 million to USD 97 million, while fish and aquatic products rose from USD 123 million to USD 159 million. Exports of edible vegetables increased from USD 38 million to USD 54 million, while coffee, tea and spices rose 13 per cent to USD 116 million.

He identified pharmaceuticals, auto components, tractors and food products as areas with scope for greater trade. He said pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products and auto products would be important for rebalancing bilateral trade.

On investment, Goyal said the India-Russia priority investment projects mechanism is tracking 40 live projects across advanced manufacturing, energy, mining, railways and emerging technologies. 

He also said both countries are fast-tracking a new bilateral investment treaty.

India and the Eurasian Economic Union have launched formal free trade negotiations, while the two countries continue to strengthen national and local currency settlement mechanisms. 

Goyal also highlighted the International North-South Transport Corridor and Chennai-Vladivostok maritime corridor.

Goyal called on Russian businesses to manufacture in India and said national industrial corridors offer plug-and-play infrastructure. He also urged Indian businesses to expand investments and exports in Russia.

He called on officials from both countries to address issues related to payment systems, certification, standards, logistics, visas and approvals that may be affecting trade and investment.

Goyal said India’s manufacturing base, infrastructure, talent and skills could complement Russia’s engineering capabilities in areas including aerospace, metallurgy, nuclear technology and mining.

He said the first-ever INNOPROM India reflected the readiness of both countries to move “from protocols to production, from intent to industry.”

(KNN Bureau)