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Union Commerce and Industry Minister Piyush Goyal on Thursday said India-Russia economic ties must move from protocols to production, from trade to industry, with both countries working towards ambitious targets of USD 100 billion in bilateral trade and USD 50 billion in two-way investment by 2030.
Addressing the India-Russia Business Forum 2026 at Bharat Mandapam in the presence of Russian Minister of Industry and Trade Anton Alikhanov, Goyal said bilateral trade has reached around USD 60 billion but needs greater diversification and stronger participation of Indian MSMEs. He said, Increasing bilateral trade from the current base of around USD 60 billion to USD 100 billion would require adding about USD 40 billion in the next four years and sustained double-digit growth year-on-year. He also highlighted opportunities for Indian MSMEs in pharmaceuticals, auto components, tractors, chemicals, food products and manufacturing, while stressing the need for faster progress on bilateral investment framework, national currency payment systems and improved connectivity through International North South Transport Corridor and Chennai Vladivostok Maritime Corridor. Russian Minister Anton Alikhanov said joint industrial projects are already expanding. He cited Russian manufacturing projects in India in electrical equipment, synthetic rubber, and polymer composite materials. He said pharma remains promising with joint production already underway, besides discussions on supply, assembly and maintenance of Russian aircraft in India. He also identified rare and critical earth metals, microelectronics, electric transport, unmanned systems, digital technologies, smart city solutions and advanced manufacturing as future areas. Addressing the forum, Vikramjit Singh Sahney, Member of Parliament, Rajya Sabha (Punjab), Member, BRICS Business Council (From India); Chair, BRICS Agri Forum; International President, World Punjabi Organisation and Chairman, Sun Foundation said the longstanding India-Russia partnership is entering a new phase. Sahney said, BRICS, which represents nearly half of the world's population and around 40 per cent of global GDP in PPP terms, has an important role in promoting balanced, inclusive and sustainable growth and strengthening South-South cooperation. He added that India-Russia cooperation should now expand into food security, agriculture, fertilisers, energy, critical minerals, civil nuclear power, AI and emerging technologies. He also noted that Indias digital and manufacturing capabilities can complement Russias scientific and technological strengths, creating opportunities for MSMEs, farmers, startups and industry. The speakers shared that India-Russia ties must now convert decades of mutual trust into practical cooperation in food, fuel, fertilisers, technology, manufacturing, finance, energy and innovation. The BRICS Summit 2026 is scheduled to be hosted by India in New Delhi from September 12-13. The summit will be guided by the official theme, "Building for Resilience, Innovation, Cooperation and Sustainability". (ANI)
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