Forum focused on expanding India’s exports to Russian market
India-Russia trade has made remarkable strides, with volumes nearing US$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 the two countries’ partnership, says Commerce & Industry Minister Piyush Goyal
Addressing the India–Russia Business Forum on 4 Dec in New Delhi Goyal emphasised that while reaching US$70 billion is a significant milestone, the current pattern of trade needs to be more balanced.
Leaders from both countries have reiterated their commitment to deepen the Special and Privileged Strategic Partnership, work towards achieving the shared objective of crossing US$100 billion in annual trade by 2030.
This will be achieved by promoting balanced growth in goods, expand trade in services and encourage investments, and widen cooperation across connectivity, innovation and inter-regional linkages, so that the expanding economic engagement translates into rising prosperity for the people of India and Russia.
The India–Russia Business Forum was organised by FICCI 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.
Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation, Maxim Oreshkin, was the keynote speaker at the event.
Goyal and Oreshkin led the thematic session. Senior business leaders from both sides who took part in detailed discussions that covered sectors such as energy, minerals, engineering goods, automobiles and transport equipment, agriculture and food processing, pharmaceuticals, information technology, digital services and financial solutions.
The Minister noted that Russia has a strong demand for a wide range of industrial goods and consumer products, which creates substantial opportunities for Indian businesses. He stated that 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. He added that these segments represent areas where India can significantly increase its presence in the Russian market.
Goyal highlighted the strength of India’s entrepreneurial ecosystem, pointing out that India has developed the world’s third-largest startup ecosystem. He said this ecosystem is driving innovation in areas such as deep-tech, agri-tech, fintech, defence, semiconductors and space. He emphasised that this growing base of startups and innovators reflects India’s capability across multiple sectors.
Goyal further said that India has become a destination of choice for investors who are looking for high-value returns.
FICCI President Anant Goenka added, “The future of the India–Russia partnership lies in high-growth, high-innovation sectors: digital transformation, AI and emerging technologies, green energy, mobility and advanced manufacturing, financial innovation, and startups. India and Russia do not merely trade in goods — we trade in trust. It is this trust, built over decades, that gives our partnership its strength.” Fiinews.com
