Piyush Goyal says India, Russia working towards $100 billion trade by 2030: ‘Not a modest task’
Quoting Prime Minister Narendra Modi, union minister Piyush Goyal said, “The greatest strength of India-Russia relation lies in trust”.
Indian Commerce and Industry Minister Piyush Goyal announced on Thursday that India and Russia aim to reach $100 billion in bilateral trade and $50 billion in two-way investments by 2030. The goal was reaffirmed by Prime Minister Narendra Modi, who emphasized the trust between the two nations. Goyal was speaking at the India-Russia Business Dialogue 2026 in New Delhi, alongside his Russian counterpart Anton Alikhanov.
He acknowledged that reaching the $100 billion target from a $60 billion starting point requires significant effort and sustained double-digit growth. A new bilateral investment treaty would provide greater legal certainty for investors from both countries. Both sides are committed to concluding negotiations for an India-Eurasian Economic Union free trade agreement, which includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Indian exports to Russia have grown in certain sectors, including meat, fish, vegetables, coffee, tea, and spices. Russian exports to India are primarily energy-related, exceeding $55 billion. Potential areas of collaboration include rare earths, microelectronics, and pharmaceutical ingredient manufacturing. Sberbank, Russia's largest bank, noted the ease of processing bilateral payments in national currencies, eliminating barriers to trade.
Industry leaders are optimistic about achieving the ambitious targets due to the existing financial infrastructure for trade in national currencies.
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