Commerce and Industry Minister Piyush Goyal has called for an accelerated India-Russia economic and industrial partnership, with both countries working towards achieving hundred billion US dollar mark in bilateral trade and 50 billion dollars in two-way investment by 2030. Addressing the INNOPROM India 2026 Co-Chair Plenary Session with Russian Minister of Industry and Trade Anton Alikhanov in New Delhi today, Mr Goyal said that the targets set by the two Heads of State would measure the performance of governments and businesses of both countries.
He said that country’s exports including aquatic products, vegetables, coffee, tea, spices and milling products to Russia have increased significantly. On investment, Mr Goyal said that the India-Russia priority investment projects mechanism is tracking 40 live projects in advanced manufacturing, energy, mining, railways and emerging technologies. He urged Russia to facilitate greater Indian investment in pharmaceuticals, IT, artificial intelligence, services, engineering and railways.
Mr Goyal said that the two countries are fast-tracking a new bilateral investment treaty to provide greater legal certainty to investors. He also said that India and the Eurasian Economic Union have begun formal free trade negotiations, with India committing to concluding them early to open new markets, particularly for MSMEs. On the occasion, he also stressed the need to strengthen national and local currency payment mechanisms and improve connectivity through the International North-South Transport Corridor and Chennai-Vladivostok maritime corridor. Mr goyal said that the India-Russia relationship has withstood seven decades of global change. He described the first-ever presence of INNOPROM in India as a significant step towards moving from protocols to production and from intent to industry.
