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Informist, Friday, Dec. 5, 2025

 

NEW DELHI – India and Russia plan to foster "more balanced and mutually rewarding trade" by aiming to exceed $100 billion in trade by 2030, driven by stronger Indian exports, Commerce and Industry Minister Piyush Goyal said Thursday. "We see particularly promising avenues for collaboration in consumer goods, food and agriculture, pharmaceuticals and medical supplies, telecom and electronics, industrial components, and the mobility of skilled talent," Goyal said at the India–Russia Business Forum. 

 

The event was held before Russian President Vladimir Putin's official visit to India for the 23rd India-Russia Summit, at which the two countries will hold discussions on strategic partnership to strengthen bilateral ties. The India–Russia Business Forum was organised around the theme "Sell to Russia" and focused on pathways to expand India's exports to the Russian market, with the objective of achieving more balanced bilateral trade, generating new opportunities for business and investment, and promoting shared, sustainable growth in both economies.

 

"India-Russia trade has made remarkable strides, with volumes nearing USD 70 billion ($70 billion), yet immense potential remains untapped, as India's share in Russia's imports is still under 2% – a figure that does not capture the true ambition of our partnership," Goyal said. 

 

The commerce minister, however, said that while reaching $70 billion was a significant milestone, the current pattern of trade needs to be more balanced. "...collaborative efforts will help address the trade imbalance in the near future and enable both sides to reduce and eliminate existing barriers, create enabling conditions for business, and open up new opportunities for companies on both sides."

 

Goyal also said Russia had strong demand for a wide range of industrial goods and consumer products, which created substantial opportunities for Indian businesses. According to him, several sectors already show clear potential, including automobiles, tractors, heavy commercial vehicles, electronics, smartphones, data-processing equipment, heavy machinery, industrial components, textiles and food products. "These segments represent areas where India can significantly increase its presence in the Russian market."

 

He also highlighted the strength of India's entrepreneurial ecosystem, pointing out that India had developed the world's third-largest startup ecosystem, making it a choice for investors looking for high-value returns.

 

New Delhi and Moscow share long-standing economic relations spanning over several decades, but India's imports from Russia outweigh its exports. While India has traditionally relied on Moscow for military equipment, New Delhi has become one of the biggest buyers of the country's crude oil since Russia invaded Ukraine in February 2022. 

 

In 2024-25 (Apr-Mar), India exported goods worth $4.88 billion to Russia, and imported goods worth $63.81 billion.  End

 

US$1 = INR 89.98

 

Reported by  Priyasmita Dutta

Edited by Avishek Dutta

 

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