Union Commerce and Industry Minister Piyush Goyal said on Thursday that there are huge opportunities to expand bilateral trade between India and Russia and work towards making it more balanced.
He said sectors that hold potential to boost exports from India to Russia include consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics like smartphones, industrial components and textiles.
Bilateral trade is reaching US $70 billion "but we cannot rest, we need to grow, we need to balance that," Goyal said here at an India-Russia Business Forum meeting organised by industry chamber FICCI.
India's exports to Russia stood at US $4.9 billion in 2024-25, while imports were US $63.8 billion in the last fiscal year, leaving a trade deficit of about US $59 billion. The two sides have fixed a target of US $100-billion bilateral trade by 2030.
Goyal said that India can also extend its partnership with Russia in services sector also. Speaking at the meet, Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation, said India's share in Russia's imports is less than 2 per cent and it needs to be increased. There is a need to increase this for a more balanced trade, Oreshkin said.
He said that in six major areas, India can increase the supplies, which include agriculture, pharma, telecom equipment, industrial components and human resources.
Commerce Secretary Rajesh Agrawal emphasised on the need to simplify processes so that Indian businesses can increase exports to Russia.
Also read: Russia okays key defence pact with India ahead of Putin's visit
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