Union Commerce and Trade Minister Piyush Goyal on Thursday mentioned India-Russia financial ties should transfer “from protocols to manufacturing, from commerce to trade”, with each nations working in direction of formidable targets of USD 100 billion in bilateral commerce and USD 50 billion in two-way funding by 2030.
Addressing the India-Russia Enterprise Discussion board 2026 at Bharat Mandapam within the presence of Russian Minister of Trade and Commerce Anton Alikhanov, Goyal mentioned bilateral commerce has reached round USD 60 billion however wants higher diversification and stronger participation of Indian MSMEs.
He mentioned, “Rising bilateral commerce from the present base of round USD 60 billion to USD 100 billion would require including about USD 40 billion within the subsequent 4 years and sustained double-digit development year-on-year”.
He additionally highlighted alternatives for Indian MSMEs in prescription drugs, auto parts, tractors, chemical compounds, meals merchandise and manufacturing, whereas stressing the necessity for quicker progress on bilateral funding framework, nationwide forex fee methods and improved connectivity by Worldwide North South Transport Hall and Chennai Vladivostok Maritime Hall.
Additionally Learn | India, Russia to push for $100 billion trade goal as Goyal meets Alikhanov today
Russian Minister Anton Alikhanov mentioned joint industrial tasks are already increasing. He cited Russian manufacturing tasks in India in electrical tools, artificial rubber, and polymer composite supplies.
He mentioned pharma stays promising with joint manufacturing already underway, apart from discussions on provide, meeting and upkeep of Russian plane in India.
He additionally recognized uncommon and important earth metals, microelectronics, electrical transport, unmanned methods, digital applied sciences, good metropolis options and superior manufacturing as future areas.
Addressing the discussion board, Vikramjit Singh Sahney, Member of Parliament, Rajya Sabha (Punjab), Member, BRICS Enterprise Council (From India); Chair, BRICS Agri Discussion board; Worldwide President, World Punjabi Organisation and Chairman, Solar Basis mentioned the longstanding India-Russia partnership is getting into a brand new section.
Sahney mentioned, “BRICS, which represents practically half of the world’s inhabitants and round 40 per cent of worldwide GDP in PPP phrases, has an essential position in selling balanced, inclusive and sustainable development and strengthening South-South cooperation”.
He added that India-Russia cooperation ought to now develop into meals safety, agriculture, fertilisers, power, important minerals, civil nuclear energy, AI and rising applied sciences.
He additionally famous that India’s digital and manufacturing capabilities can complement Russia’s scientific and technological strengths, creating alternatives for MSMEs, farmers, startups and trade.
The audio system shared that India-Russia ties should now convert a long time of mutual belief into sensible cooperation in meals, gas, fertilisers, know-how, manufacturing, finance, power and innovation.
The BRICS Summit 2026 is scheduled to be hosted by India in New Delhi from September 12-13. The summit will probably be guided by the official theme, “Constructing for Resilience, Innovation, Cooperation and Sustainability”. (ANI)