Commerce Minister Goyal seeks $100bn trade, $50bn investment by 2030
India and Russia are aiming to ramp up their partnership, with commerce and industry minister Piyush Goyal calling for $100 billion in trade and $50 billion in two-way investment by 2030.
Right now, annual trade sits at $60 billion, so Goyal is pushing for steady double-digit growth and more collaboration in areas like pharmaceuticals, engineering goods, chemicals, textiles, and food products.
Goyal urges India manufacturing, Russia investment
Indian exports to Russia have been rising lately, especially meat, fish, vegetables, and spices, but commerce and industry minister Piyush Goyal says there's still a lot of untapped potential.
He's encouraging Russian companies to manufacture in India and Indian businesses to invest in Russia (think pharmaceuticals, IT, railways).
India and Russia are also fast-tracking a new bilateral investment treaty, and India and the Eurasian Economic Union have launched formal free-trade negotiations.
Goyal also pointed out that fixing payment systems and trade settlement mechanisms in national and local currencies will be key to making these ambitious targets happen.