New Delhi, 4 December (H.S.): Union Commerce and Industry Minister Piyush Goyal stated on Thursday that significant opportunities exist to boost and balance bilateral trade between India and Russia, currently approaching $70 billion. Addressing the India-Russia Business Forum organized by FICCI at Bharat Mandapam, Goyal urged proactive measures to achieve equilibrium.

He highlighted India's export potential to Russia in consumer goods, food products, automobiles, tractors, heavy commercial vehicles, smartphones and electronics, industrial components, and textiles. We cannot rest on our laurels; we must advance and create balance, Goyal emphasized, describing India and Russia as partners through thick and thin.

Goyal noted India's entrepreneurial spirit as deeply ingrained, positioning the nation as a reliable, forward-thinking global partner. Both countries have set an ambitious target of $100 billion in bilateral trade by 2030.

Russia's Deputy Chief of Staff from the President's Office, Maxim Oreshkin, echoed the need for balance, pointing out that India's share in Russian imports remains below 2%. He identified key growth areas for Indian supplies, including agriculture, pharmaceuticals, telecom equipment, industrial spares, and human resources.

Commerce Secretary Rajesh Agrawal stressed simplifying procedures to enable Indian businesses to expand exports to Russia. In FY 2024-25, India's exports to Russia stood at $4.9 billion against imports of $63.8 billion, resulting in a trade deficit of nearly $59 billion.

Goyal affirmed India's capacity to offer substantial services to Russia, reinforcing the strategic economic partnership amid ongoing high-level defence and diplomatic engagements.

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Hindusthan Samachar / Jun Sarkar