Commerce Minister Piyush Goyal on Thursday called for rebalancing of India-Russia trade as the two sides set a target to increase annual bilateral trade to $100 billion by 2030 from around $60 billion, ahead of Russian President Vladimir Putin’s arrival in New Delhi on Friday for the BRICS Summit.
“Our non-energy trade in both directions remains far smaller than it should be–that is the headroom from $60 billion to $100 billion that we are asking to be filled up,” Goyal said at the India-Russia Business Dialogue 2026 in New Delhi. “Rebalancing this trade through more diverse Indian exports like pharmaceuticals, engineering goods, chemicals, textiles, marine products, among others are central to achieving our goal.”
India’s trade with Russia, at $60 billion in 2025-26 (FY26), is significantly skewed, with imports at $55 billion. Crude oil accounts for over 80 per cent of India’s imports from Russia.
India’s imports from Russia jumped only after the start of the Russia-Ukraine war in February 2022, following which Moscow began offering crude oil at a discounted price.
Both nations have also started settling payments in local currencies in the aftermath of the war as Western economies banned major Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the international payment messaging system, as part of economic sanctions on Moscow.
“We continue to strengthen local currency settlement mechanisms because payment friction, more often than tariffs, slows trade on the ground,” Goyal said.
To further strengthen trade ties, India is engaged in negotiations for a free trade agreement (FTA) with the Russia-led Eurasian Economic Union (EAEU). “We are committed to concluding them early,” Goyal said.
As New Delhi continues its engagement with Moscow, Goyal also called on businesses on both sides to deepen engagement.
“A $100 billion target from a $60 billion base means adding about $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,” the minister said.
India and Russia have also set an ambitious two-way investment target of $50 billion by 2030, the minister said, adding that the India-Russia priority investment projects mechanism is currently tracking 40 live investment projects across advanced manufacturing, energy, mining, railways and emerging technologies.
“We are fastracking a new Bilateral Investment Treaty (BIT) to give investors on both sides the legal certainty that projects and businesses look for when they are finalising investment destinations,” Goyal said.
The Indian government is working on revamping the model BIT to enhance India’s attractiveness as an investment destination.
“Finally, I would like to tell officials on both sides, 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?” Goyal said. “I assure my Russian friends, me and my colleagues stand ready to help and make the whole journey seamless, smooth, and exciting.”
