Need To Make India-Russia Trade More Balanced: Piyush Goyal
India's exports to Russia stood at $4.9 billion in 2024-25, while imports were $63.8 billion in the last fiscal year, leaving a trade deficit of about $59 billion.
Commerce and Industry Minister Piyush Goyal on Thursday said there are huge opportunities to expand bilateral trade between India and Russia and work towards making it more balanced.
He said sectors that hold potential to boost exports from India to Russia include consumer goods, food products, automobiles, tractors, heavy commercial vehicles, electronics like smartphones, industrial components, and textiles.
Bilateral trade is reaching $70 billion "but we cannot rest, we need to grow, we need to balance that," Goyal said here India-Russia Business Forum meeting, organised by industry chamber FICCI.
India's exports to Russia stood at $4.9 billion in 2024-25, while imports were $63.8 billion in the last fiscal year, leaving a trade deficit of about $59 billion. The two sides have fixed a target of $100 billion bilateral trade by 2030.
He also said India can offer huge in services sector also to Russia.
Speaking at the meet, Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation, said India's share in Russia's imports is less than 2% and it needs to be increased.
There is a need to increase this for a more balanced trade, Oreshkin said.
He added that in six major areas India can increase the supplies and that include agriculture, pharma, telecom equipment, industrial components, and human resources.
Commerce Secretary Rajesh Agrawal emphasised on the need to simplify processes so that Indian businesses can increase exports to Russia.
