India-Russia ties poised for new phase of trade, technology and industrial cooperation: Piyush Goyal

India-Russia ties poised for new phase of trade, technology and industrial cooperation: Piyush Goyal. Union Commerce and Industry Minister Piyush Goyal on Thursday said India Russia economic ties must move "from protocols to production, from trade to industry", with both countries working towards ... Earlier report (2026-09-11 00:51): Union Commerce and Industry Minister Piyush Goyal has announced that India-Russia economic ties are poised for a new phase of trade, technology, and industrial cooperation. The bilateral trade between the two countries has reached USD 60 billion, but Goyal emphasized the need for greater diversification and stronger participation of Indian MSMEs. He stated that increasing bilateral trade to USD 100 billion by 2030 would require adding USD 40 billion in the next four years and sustained double-digit growth year-on-year. Goyal highlighted opportunities for Indian MSMEs in pharmaceuticals, auto components, tractors, chemicals, food products, and manufacturing. He also stressed 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 Corridor. Russian Minister of Industry and Trade Anton Alikhanov said joint industrial projects are already expanding, citing Russian manufacturing projects in India in electrical equipment, synthetic rubber, and polymer composite materials. Alikhanov also noted that pharma remains promising with joint production already underway, besides discussions on supply, assembly, and maintenance of Russian aircraft in India. Vikramjit Singh Sahney, Member of Parliament, Rajya Sabha, highlighted the importance of the BRICS summit in promoting balanced, inclusive, and sustainable growth and strengthening South-South cooperation. Sahney emphasized the need for India-Russia cooperation to expand into food security, agriculture, fertilisers, energy, critical minerals, civil nuclear power, AI, and emerging technologies. Goyal also emphasized the need for conversion of decades of mutual trust into practical cooperation in these areas. The BRICS Summit 2026 is scheduled to be hosted by India in New Delhi from September 12-13, with the official theme of building for resilience, innovation, cooperation, and sustainability.