India-Russia Trade Needs Rebalancing To Reach US$ 100 Billion Target: Goyal
Commerce Minister Piyush Goyal has called for a rebalancing of India-Russia trade as the two countries aim to increase bilateral trade to US$ 100 billion by 2030 from around US$ 60 billion currently.
Speaking at the India-Russia Business Dialogue 2026 in New Delhi on Thursday, Goyal said greater diversification of trade would be critical to achieving the target, with India seeking to expand exports of pharmaceuticals, engineering goods, chemicals, textiles and marine products to Russia.
“Rebalancing this trade through more diverse Indian exports like pharmaceuticals, engineering goods, chemicals, textiles, marine products, among others are central to achieving our goal,” Goyal said.
India-Russia bilateral trade stood at around US$ 60 billion in 2025-26, but remains heavily skewed in Russia’s favour. India imported goods worth about US$ 55 billion from Russia during the year, with crude oil accounting for more than 80 percent of the country’s imports from Russia.
Indian imports of Russian crude rose sharply after the Russia-Ukraine war began in February 2022, as Russian suppliers offered oil at discounted prices amid Western sanctions on Moscow.
Goyal said India was also working to reduce payment-related hurdles and strengthen local currency settlement mechanisms between the two countries.
“We continue to strengthen local currency settlement mechanisms because payment friction, more often than tariffs, slows trade on the ground,” he said.
India and Russia are also pursuing negotiations for a free trade agreement with the Russia-led Eurasian Economic Union (EAEU), which could provide greater market access for Indian exporters.
“We are committed to concluding them early,” Goyal said.
The minister said achieving the $100 billion bilateral trade target would require sustained growth and greater participation from businesses in both countries.
“A US$ 100 billion target from a US$ 60 billion base means adding about US$ 40 billion in the next four years. That is not a modest task. It requires more than double-digit growth year-on-year sustained, and it requires significant effort from both sides, not just from government but equally from our businesses,” he said.
Alongside the trade target, India and Russia have set a goal of increasing two-way investments to US$ 50 billion by 2030.
According to Goyal, the India-Russia priority investment projects mechanism is currently tracking 40 live projects across sectors including advanced manufacturing, energy, mining, railways and emerging technologies.
The Indian government is also working to revamp the model Bilateral Investment Treaty (BIT) to make the country more attractive to foreign investors.
Goyal called on officials in both countries to work closely with industry to identify and address practical barriers affecting trade and investment.
“Please hear the industry. Ask them what is blocking trade and investment. Is it payment systems? Is it the certification requirement? Are the standards coming in the way? Is it logistics? Are there problems in getting visas for easy access to each other’s territory? Are the approvals a problem?” he said.
The minister said the government was ready to work with Russian counterparts to address such issues and facilitate smoother trade and investment between the two countries.
