Goyal calls for push to boost India-Russia trade to $100 billion by 2030

India and Russia aim to double bilateral trade to $100 billion and double two-way investment to $50 billion by 2030, according to Commerce and Industry Minister Piyush Goyal. Current trade between the nations stands at around $60 billion annually. Goyal emphasized the need for a surge in both trade and investment, calling for a focus on diversifying exports and attracting Russian investment.

Key sectors for Indian exports to Russia include pharmaceuticals, engineering goods, chemicals, textiles, food, marine products, auto components, and tractor parts. Goyal highlighted recent growth in exports of meat, fish, vegetables, coffee, and spices, but noted that only a small percentage of potential exists. On investment, Goyal mentioned 40 live projects in advanced manufacturing, energy, mining, railways, and emerging technologies.

He urged Russia to facilitate Indian investments in various sectors. The two nations are also in the process of launching formal free-trade negotiations and a new bilateral investment treaty. Goyal encouraged Russian firms to consider manufacturing in India, citing India's national industrial corridors and a skilled workforce. He urged Indian companies to explore investment opportunities in Russia, particularly in pharmaceuticals, IT, artificial intelligence, services, engineering, and railways.

Goyal outlined five actions for businesses and officials: concluding deals, identifying new partners, adding non-energy products to trade and investment plans, exploring manufacturing opportunities in India, and addressing barriers to trade and investment. He positioned India as a manufacturing and investment destination, citing initiatives like Make in India, Digital India, and Startup India.