‘India-Russia Relations Lie in Trust’: Piyush Goyal Backs $100 Billion Trade Target by 2030

India-Russia Trade: Piyush Goyal Highlights Trust as Both Nations Eye $100 Billion Target

India and Russia are seeking to take their economic relationship into a new phase, with both countries working towards an ambitious target of $100 billion in bilateral trade by 2030. Commerce and Industry Minister Piyush Goyal has emphasised that trust remains at the heart of the longstanding relationship between New Delhi and Moscow.

The push comes as India looks to diversify its trade with Russia and increase exports of Indian products, particularly in sectors beyond the traditional energy trade.

‘India-Russia relations lie in trust’

Goyal has underlined the importance of the deep-rooted trust between the two countries while discussing the future of bilateral economic relations.

India and Russia have maintained close strategic ties for decades, with cooperation extending across defence, energy, nuclear power, space, trade and technology. The economic relationship, however, has become increasingly dominated by energy trade in recent years.

The new focus is therefore on creating a more balanced and diversified trade relationship.

India eyes pharmaceuticals, textiles and automobiles

According to a recent report, India and Russia are identifying several sectors that could help expand non-energy trade. These include pharmaceuticals, textiles, engineering goods, food products, chemicals and automotive products.

The strategy is aimed at increasing Indian exports to Russia while reducing the heavy imbalance created by India's large purchases of Russian commodities.

The $100-billion target by 2030 is therefore not simply about increasing the overall trade value. It also reflects an effort to broaden the basket of goods and services exchanged between the two economies.

Bilateral Investment Treaty also being fast-tracked

Alongside the trade target, India and Russia are accelerating work on a Bilateral Investment Treaty (BIT).

Such an agreement could provide greater certainty and protection for investors from both countries and potentially encourage businesses to expand investments in each other's markets.

For India, stronger investment links could complement its push to increase exports and establish a larger presence in the Russian market.

Why Russia matters to India's trade strategy

Russia has become an especially important trading partner for India since the Ukraine war disrupted traditional global energy flows. Indian purchases of Russian crude have contributed significantly to the sharp increase in bilateral trade.

However, the resulting trade imbalance has become a major concern. India wants to increase exports to Russia so that the relationship does not remain overwhelmingly dependent on Russian energy shipments.

The current strategy also comes against the backdrop of India's wider effort to strengthen trade links with emerging economies and reduce vulnerabilities caused by geopolitical disruptions.

BRICS adds another layer to economic cooperation

The push for stronger India-Russia trade also comes as India hosts the 2026 BRICS summit in New Delhi. The expanded BRICS grouping has 11 members, including India, Russia, China, Brazil and South Africa, along with Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the UAE.

India has been advocating practical measures to improve cross-border payments among BRICS economies. One proposal involves linking central bank digital currencies to make international transactions faster and easier, although significant technical and political hurdles remain.

For India and Russia, easier payment mechanisms could also help facilitate bilateral commerce.

A relationship moving beyond oil

The $100-billion trade goal will ultimately depend on whether India can substantially increase exports to Russia while maintaining stable energy and investment ties.

With pharmaceuticals, engineering goods, textiles, chemicals, food products and automobiles identified as potential growth areas, New Delhi is seeking to build a relationship that goes beyond crude oil and other traditional commodities.

Goyal's emphasis on trust reflects the broader strategic character of India-Russia ties, but achieving the $100-billion target will require that political goodwill be translated into greater market access, investment and two-way trade.