India-Russia Economic Partnership Gears Up for 2030 Goals

Union Commerce Minister Piyush Goyal emphasised transforming India-Russia ties from trade to industry, aiming for USD 100 billion in bilateral trade and USD 50 billion in investments by 2030. Opportunities lie in MSMEs, pharmaceuticals, and emerging technologies, with focus on sustainable growth and regional integration through BRICS.

Union Commerce and Industry Minister Piyush Goyal emphasized the shift from 'protocols to production' in India-Russia economic relations during the India-Russia Business Forum 2026. Addressing officials, including Russian Minister Anton Alikhanov, Goyal outlined a vision for a USD 100 billion bilateral trade and USD 50 billion investment by 2030.

The minister highlighted the need for diversification and stronger participation of Indian MSMEs to achieve this goal, pinpointing sectors like pharmaceuticals, auto components, and food products. Meanwhile, Alikhanov noted the growth in joint projects, highlighting collaborations in manufacturing and pharmaceuticals.

Stakeholders at the forum, including Vikramjit Singh Sahney, emphasized the importance of expanding cooperation in food security, energy, and emerging tech, supported by India's digital capabilities and Russia's scientific strengths. The discussions set the stage for further cooperation ahead of the BRICS Summit 2026 in New Delhi.