India–Russia trade could top $100 billion by 2030: Piyush Goyal ahead of Putin-Modi meet

Commerce and Industry Minister Piyush Goyal said on Thursday that India and Russia are looking to build “more balanced and mutually rewarding trade” as they aim to push bilateral trade beyond $100 billion by 2030.

Speaking at the India–Russia Business Forum, Goyal said India sees “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.”

The forum was held ahead of Russian President Vladimir Putin’s visit to India for the 23rd India-Russia Summit, where the two countries will discuss ways to strengthen their strategic partnership. This year’s business forum, organised under the theme “Sell to Russia,” focused on expanding Indian exports and creating more balanced bilateral trade to support sustainable growth in both economies.

Goyal noted that India-Russia trade has grown significantly, with volumes “nearing USD 70 billion ($70 billion),” but added that India’s share in Russia’s imports remains below 2%. “This does not capture the true ambition of our partnership,” he said.

He stressed the need to correct the current trade pattern. “…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 said.

The minister pointed out that Russia has a strong demand for a wide variety of industrial and consumer goods, creating major opportunities for Indian companies. Sectors with clear potential include automobiles, tractors, 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 said. Goyal also highlighted India’s startup ecosystem, now the world’s third largest, as a strong draw for global investors seeking high-value returns.

India and Russia have maintained deep economic ties for decades, but trade remains heavily tilted in Moscow’s favour. India has long imported defence equipment from Russia and has become one of its biggest crude oil buyers since the Ukraine war began in 2022.

In 2024–25 (Apr–Mar), India exported goods worth $4.88 billion to Russia, while imports stood at $63.81 billion.