Union Minister of Commerce and Industry, Piyush Goyal, said that Russia has always been India’s “Sukh dukh ka saathi” (companion in both good and bad times) at the India-Russia Business Forum held in New Delhi on Thursday, ANI reported. The keynote speaker at the event was Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of Russia.
Quoting Russian poet Rasul Gamzatov, Goyal said, “There are no distant lands for those who have a friend nearby. Mountains do not divide us; they only lift our gaze higher.”
Russia has always stood by India: Piyush Goyal
During the Forum, Goyal spoke about the “remarkable” growth of trade between India and Russia, which has now reached nearly USD 70 billion. However, he mentioned that there is still huge potential waiting to be explored. India’s share in Russian imports is under two percent, a figure far below what both countries aim to achieve. “Our shared focus is to foster more balanced and mutually rewarding trade, aiming to exceed USD 100 billion by 2030, driven by stronger Indian exports. We see particularly promising avenues for collaboration in consumer goods, food and agriculture, pharmaceuticals and medical supplies, telecom and electronics, industrial components, and the mobility of skilled talent,” Goyal said, according to ANI.
“Sell to Russia”
The theme of the India-Russia Business Forum was ‘Sell to Russia’, focusing on ways to promote India’s exports to Russia, create new business and investment opportunities, and achieve sustainable growth. The forum was attended by several senior Indian officials, including ministers and secretaries from fisheries, pharmaceuticals, electronics, textiles, and commerce.
The Russian delegation included ministers of economic development, agriculture, digital development, and industry, along with senior business leaders. According to ANI, the event covered topics including energy, minerals, engineering goods, automobiles, agriculture, food processing, IT, digital services, and financial solutions.
Speaking about India’s economy, Goyal said that India is currently a USD 4 trillion economy and is expected to grow to USD 30–35 trillion by 2047. Goyal added that India is now among the world’s top five economies and is expected to become the third-largest.
Need for balanced trade
Goyal said that while reaching USD 70 billion in trade is a massive milestone, the current trade pattern needs further improvement. He recalled that during the first summit between Prime Minister Narendra Modi and President Vladimir Putin in 2014, a target of USD 30 billion in bilateral trade by 2025 was set and achieved. The trade between the two countries is twice that level.
Goyal claimed that India has a lot to offer Russia and that there are areas where India can benefit from Russian strengths. Goyal said that he is confident that stronger participation from business communities in both countries could unlock the untapped potential in trade, reduce barriers, and create new opportunities for companies.
