Union Commerce and Industry Minister Shri Piyush Goyal has called for an accelerated India-Russia economic partnership with specific targets of achieving $100 billion in bilateral trade and $50 billion in two-way investment by 2030. Speaking at the INNOPROM India 2026 Co-Chair Plenary Session with Russian Minister of Industry and Trade Mr. Anton Alikhanov in New Delhi, Goyal emphasized that these targets set by the two Heads of State would measure the performance of both governments and businesses.
Current bilateral trade stands at approximately $60 billion, requiring an additional $40 billion increase over the next four years with sustained double-digit year-on-year growth. Goyal highlighted significant growth in specific Indian export categories to Russia: meat and edible meat products increased by nearly 170% from $36 million to $97 million, fish and aquatic products grew by nearly 30% from $123 million to $159 million, edible vegetables rose by 40% from $38 million to $54 million, while coffee, tea and spices increased by 13% to $116 million. Products of the milling industry nearly doubled, reflecting growing Russian demand for Indian agricultural and processed food products.
The Minister identified substantial untapped potential in non-energy trade, particularly in pharmaceuticals, auto components, tractors, food products, engineering goods, chemicals, textiles, and marine products. He noted that Russia is a significant importer and India a significant exporter globally in these sectors, but India is not yet a major exporter to Russia specifically.
On the investment front, the India-Russia priority investment projects mechanism is currently tracking 40 live projects across advanced manufacturing, energy, mining, railways, and emerging technologies. Goyal called for greater Indian investment in Russian pharmaceuticals, IT, artificial intelligence, services, engineering, and railways to make the $50 billion investment target genuinely bidirectional.
Institutional mechanisms being developed include a fast-tracked bilateral investment treaty to provide legal certainty for investors and formal free trade negotiations between India and the Eurasian Economic Union (comprising Russia, Belarus, Kazakhstan, Armenia, and the Kyrgyz Republic) launched last year. The countries are also strengthening national and local currency settlement mechanisms to address payment friction issues that often slow trade implementation.
Physical connectivity infrastructure investments include the International North-South Transport Corridor and the Chennai-Vladivostok maritime corridor, which Goyal emphasized are integral to trade policy rather than mere infrastructure projects.
Goyal outlined five specific action points: businesses should finalize at least one deal, identify one new partner, and advance one concrete project during the event; expand non-energy trade lines in identified sectors; Russian industry should manufacture in India utilizing plug-and-play industrial corridors and India's skilled labor force; Indian industry should approach Russia as investors and exporters rather than visitors; and officials should identify and address barriers including payment systems, certification requirements, standards, logistics, visa access, and approvals.
India's investment attractiveness was highlighted through its $130 billion annual infrastructure investment in airports, ports, expressways, railways, inland waterways, power infrastructure, water infrastructure, and industrial parks, supported by initiatives like Make in India, Digital India, and Startup India. The Minister emphasized the complementary strengths of India's youthful talent and innovation capacity with Russia's engineering excellence in aerospace, metallurgy, nuclear technology, and mining.