New Delhi, Dec 4 (UNI) Underscoring the need for greater balance and diversification in bilateral trade, union Minister of Commerce & Industry Piyush Goyal on Thursday said there are enormous opportunities to expand commerce between India and Russia and work towards a more balanced trade relationship.
Highlighting key sectors with strong potential for Indian exports, Goyal pointed to consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics such as smartphones, industrial components, and textiles. “Bilateral trade is reaching USD 70 billion, but we cannot rest. We need to grow, we need to balance that (India’s trade deficit with Russia),” Goyal said at the India–Russia Business Forum in New Delhi, organized by industry chamber FICCI.
Acknowledging that bilateral commerce remains heavily skewed, the minister emphasised untapped opportunities for Indian exporters and stressed the importance of reducing trade barriers.
“I am sure we will address the trade imbalance in the near future and work collectively to eliminate, reduce and dilute trade barriers, and create the right conditions to open more opportunities for businesses in both countries,” he said, pointing out that India accounted for just 2 per cent of Russia’s imports.
The Russian economy is worth about USD 2.6 trillion and is considered a huge market despite the large transcontinental nation having a population of just 145 million.
A decade ago, India and Russia had set a bilateral trade target of $30 billion by 2025, a figure that has already been nearly doubled, demonstrating the growing scope of economic cooperation between the two nations.
Goyal also highlighted the enduring India-Russia relationship, describing it as a partnership that has stood the test of time and continues to strengthen across diplomacy, culture, and education.
“Our PM Narendra Modi had captured the very soul of our relationship with Russia when he said, ‘On hearing the word Russia, the first word that comes to the mind of every Indian is India’s sukh-dukh ka saathi.’ It translates to India’s companion and friend in good and bad times,” he said.
“PM Modi further went on to say that no matter how low the temperature dips, the India-Russia friendship will always remain full of warmth.” Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation, is also set to address the forum.
Russia has expressed its intention to create a trading framework secure from third-party interference, reflecting its view that the global trend of de-dollarization is gradually taking hold.
Ahead of President Vladimir Putin’s summit meeting with Prime Minister Modi, Kremlin spokesperson Dmitry Peskov noted that Russia respects India’s independent foreign policy and strategic autonomy. While acknowledging external pressures on India, particularly regarding tariffs, Peskov emphasized that Moscow carefully considers these dynamics when shaping its partnership with India.
Russia recognises and respects India’s sovereignty in defining its national interests and values its tradition of strategic autonomy in global affairs. The ongoing dialogue reflects a shared commitment to strengthening bilateral ties while maintaining independence from external influences.
