New Delhi, Dec 4: Commerce and Industry Minister Piyush Goyal on Thursday said there are huge opportunities to expand bilateral trade between India and Russia and work towards making it more balanced.
Scope To Increase Indian Exports
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.
Trade Nearing USD 70 Billion
Bilateral trade is reaching USD 70 billion "but we cannot rest, we need to grow, we need to balance that," Goyal said here India-Russia Business Forum meeting, organised by industry chamber FICCI.
High Trade Deficit For India
India's exports to Russia stood at USD 4.9 billion in 2024-25, while imports were USD 63.8 billion in the last fiscal year, leaving a trade deficit of about USD 59 billion.
Target Set For 2030
The two sides have fixed a target of USD 100 billion bilateral trade by 2030. He also said India can offer huge in services sector also to Russia.
Russia Wants Larger Indian Import Share
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.
Six Sectors Identified For Higher Indian Supply
There is a need to increase this for a more balanced trade, Oreshkin said. He added that in six major areas India can increase the supplies and that include agriculture, pharma, telecom equipment, industrial components, and human resources.
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Ease Processes To Boost Exports
Commerce Secretary Rajesh Agrawal emphasised on the need to simplify processes so that Indian businesses can increase exports to Russia.
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