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.
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. 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.
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”.
