Goyal calls for push to boost India-Russia trade to $100 billion by 2030

India and Russia will need to step up efforts to diversify bilateral commerce and investment to meet their goal 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 minister of industry and trade Anton Alikhanov in New Delhi, Goyal said bilateral trade, currently at around $60 billion a year, would need to grow by another $40 billion over 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 both governments and businesses,” Goyal said at INNOPROM, an international industrial trade fair that began in New Delhi on Thursday.

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 that non-energy trade between the two countries remained significantly below its potential.

Goyal said the two ministries had been working closely over the past several months to deepen economic and industrial cooperation and expressed confidence that Alikhanov's visit would accelerate 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 $36 million to $97 million, while fish and aquatic products increased from $123 million to $159 million. Exports of edible vegetables rose from $38 million to $54 million, while coffee, tea and spices increased 13% to $116 million. Exports of products of the milling industry also nearly doubled, he said.

“These figures reflect the growing demand in the Russian market for products from Indian farmers, food processors, micro, small and medium enterprises and MSME exporters,” Goyal said, adding that only a small portion of the available potential had been tapped.

He mentioned pharmaceuticals, auto components, tractors and food products as areas where India has strong export capabilities and Russia has substantial import demand, but Indian exports to Russia remain limited.

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

He urged Russia to facilitate greater Indian investments in areas including pharmaceuticals, information technology, artificial intelligence, services, engineering and railways, saying the $50 billion investment target should become a genuinely two-way flow.

India and Russia are also fast-tracking a new bilateral investment treaty aimed at providing greater legal certainty to investors, Goyal said.

Separately, India and the Eurasian Economic Union—comprising Russia, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic—have launched formal free-trade negotiations. Goyal said India remained committed to concluding the talks early, which would open new markets for Indian industries, particularly micro, small, and medium enterprises (MSMEs).

Goyal also highlighted efforts to strengthen trade settlement mechanisms in national and local currencies, saying payment-related frictions could slow commerce on the ground.

Goyal called on Russian companies to move beyond selling products in India and consider manufacturing in the country.

He said India's national industrial corridors were investment-ready, with plug-and-play infrastructure available for global companies. He also highlighted India's young talent pool and skilled workforce as potential advantages for Russian businesses.

At the same time, he urged Indian companies to look at Russia not only as an export market but also as an investment destination, particularly in sectors such as pharmaceuticals, IT, artificial intelligence, services, engineering and railways.

Goyal laid out five broad asks for businesses and officials participating in the India-Russia economic engagement: conclude at least one deal during their visit, identify new business partners, add non-energy products to their trade and investment plans, explore manufacturing opportunities in India, and identify and address barriers holding back trade and investment.

He asked officials to examine whether payment systems, certification requirements, standards, logistics, visa access or regulatory approvals were creating obstacles for businesses.

Goyal also pitched India as a manufacturing and investment destination, citing initiatives including Make in India, Digital India, the industrial park scheme and Startup India. He said India invests $130 billion annually in creating infrastructure and expanding capacity across airports, ports, expressways, railways, inland waterways, power, water infrastructure and industrial parks.

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 described the first India edition of INNOPROM, the global industrial technology exhibition, as significant for the bilateral economic relationship. He said the platform's presence in India reflected the two countries' readiness to move “from protocols to production, from intent to industry.”

The India-Russia relationship has weathered seven decades of global changes, Goyal said, adding that the priority now should be acceleration rather than merely continuity.