India-Russia economic ties to focus on MSMEs, manufacturing, technology: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday said IndiaRussia economic ties must move from protocols to production from trade to industry with both countries working towards ambitious targets of USD 100 billion in bilateral trade and USD 50 billion in twoway investment by 2030Addressing the IndiaRussia Business Forum 2026 at Bharat Mandapam in the presence of Russian Minister of Industry and Trade Anton Alikhanov Goyal said bilateral trade has reached around USD 60 billion but needs greater diversification and stronger participation of Indian MSMEsHe said Increasing bilateral trade from the current base of around USD 60 billion to USD 100 billion would require adding about USD 40 billion in the next four years and sustained doubledigit growth yearonyearHe also highlighted opportunities for Indian MSMEs in pharmaceuticals auto components tractors chemicals food products and manufacturing while stressing the need for faster progress on bilateral investment framework national currency payment systems and improved connectivity through International North South Transport Corridor and Chennai Vladivostok Maritime CorridorRussian Minister Anton Alikhanov said joint industrial projects are already expanding He cited Russian manufacturing projects in India in electrical equipment synthetic rubber and polymer composite materials He said pharma remains promising with joint production already underway besides discussions on supply assembly and maintenance of Russian aircraft in IndiaHe also identified rare and critical earth metals microelectronics electric transport unmanned systems digital technologies smart city solutions and advanced manufacturing as future areasAddressing the forum Vikramjit Singh Sahney Member of Parliament Rajya Sabha Punjab Member BRICS Business Council From India Chair BRICS Agri Forum International President World Punjabi Organisation and Chairman Sun Foundation said the longstanding IndiaRussia partnership is entering a new phaseSahney said BRICS which represents nearly half of the worlds population and around 40 per cent of global GDP in PPP terms has an important role in promoting balanced inclusive and sustainable growth and strengthening SouthSouth cooperationHe added that IndiaRussia cooperation should now expand into food security agriculture fertilisers energy critical minerals civil nuclear power AI and emerging technologiesHe also noted that Indias digital and manufacturing capabilities can complement Russias scientific and technological strengths creating opportunities for MSMEs farmers startups and industryThe speakers shared that IndiaRussia ties must now convert decades of mutual trust into practical cooperation in food fuel fertilisers technology manufacturing finance energy and innovationThe BRICS Summit 2026 is scheduled to be hosted by India in New Delhi from September 1213 The summit will be guided by the official theme Building for Resilience Innovation Cooperation and SustainabilityThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever