Commerce and Industry Minister Piyush Goyal on Thursday stressed the need for India to significantly increase its exports to Russia in order to create a more balanced and diversified trade basket. Speaking at the India–Russia Business Forum in New Delhi, Goyal highlighted the growing economic potential between the two nations, even as bilateral trade edges toward the $70 billion mark.
Goyal noted that despite the impressive growth in overall trade, the imbalance remains a concern, with Indian imports from Russia—driven largely by crude oil—far outweighing exports. “Bilateral trade between the two countries is reaching $70 billion, but we cannot rest. We need to grow, and we need to balance that,” he said.
He pointed to major untapped opportunities for Indian exporters in sectors such as automobiles, electronics, heavy machinery, textiles, food products, and pharmaceuticals. Goyal expressed confidence that both sides would work together to reduce trade barriers and create favourable conditions for businesses. “We need more diversity in our trade basket. We need to make it more balanced between Russia and India,” he added.
Highlighting the resilience of the India–Russia partnership, Goyal said the relationship has “stood as a testament to decades of unwavering solidarity,” despite global uncertainties.
Maxim Oreshkin, Deputy Chief of Staff of Russia’s Presidential Executive Office, echoed similar concerns, stating that India accounts for less than 2 per cent of Russia’s total imports. He emphasized that a more balanced trade framework is essential and identified key sectors where India could boost exports, including agriculture, pharma, telecom equipment, industrial components, and human resources.
Merchandise trade between the two nations reached $68.7 billion in FY25. However, Indian exports to Russia remained under $5 billion, compared to nearly $64 billion in imports, driven primarily by crude oil purchases. Both countries have set a target of achieving $100 billion in bilateral trade by 2030.
Engineering goods were India’s top exports to Russia in FY25 at $1.3 billion, followed by electronic goods worth $862.5 million and pharmaceuticals at $577.2 million. Other key exports include chemicals, marine products, and ready-made garments. On the import side, Russia remains a major supplier of crude oil, fats and oils, fertilizers, and precious stones.
Amid shifting global trade dynamics, including recent US tariff hikes, India is stepping up efforts to diversify its export markets. New Delhi is also pursuing a free trade agreement with the Russia-led Eurasian Economic Union (EAEU), which could further boost economic integration and open new avenues for bilateral commerce.
