Union Minister of Commerce and Industry Shri Piyush Goyal emphasized the need for significant efforts from both India and Russia to increase bilateral trade, with a goal of reaching $100 billion by 2030. He highlighted several sectors where opportunities for diversifying trade exist, such as pharmaceuticals, auto components, and food products.
On 10th September 2026, Union Minister of Commerce and Industry Shri Piyush Goyal addressed the INNOPROM India 2026 Co-Chair Plenary Session with Russian Minister of Industry and Trade Mr. Anton Alikhanov in New Delhi. In his address, Goyal stressed the need for both governments and businesses to make significant efforts to increase bilateral trade from the current $60 billion to $100 billion by 2030. He outlined five specific asks for businesses and officials from both countries, including finalizing at least one deal before leaving Delhi and identifying one new non-energy line to their trade and investment plans.
Goyal highlighted several opportunities for diversifying bilateral trade. He noted that Indian exports of meat and edible meat products had more than doubled from $36 million to $97 million, an increase of nearly 170 per cent. Fish and aquatic products grew from $123 million to $159 million, an increase of nearly 30 per cent, while exports of edible vegetables rose from $38 million to $54 million, an increase of 40 per cent. Exports of coffee, tea and spices increased by 13 per cent to $116 million, while products of the milling industry had nearly doubled.
Shri Goyal said that non-energy trade between the two countries remained much smaller than its potential and represented the headroom that needed to be filled to move bilateral trade from $60 billion to $100 billion. He identified pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products, and auto products as sectors that would help achieve this target.
On investment, Shri Goyal said that the India-Russia priority investment projects mechanism is currently tracking 40 live investment projects across advanced manufacturing, energy, mining, railways, and emerging technologies.
Source:
Press Information Bureau
