Textiles among sectors to gain from closer trade with Russia: Goyal

Speaking at the India–Russia Business Forum in New Delhi on December 4, 2025, he underlined that textiles—alongside automobiles, electronics, heavy machinery and food products—represent high-growth opportunities for Indian exporters as Russia seeks reliable suppliers.

Goyal reaffirmed the strategic and time-tested partnership that has remained resilient through global uncertainties. Recalling Prime Minister Narendra Modi’s aspiration set during his first meeting with President Vladimir Putin in 2014, Goyal noted that the initial target of $30 billion in trade by 2025 has been surpassed, with bilateral volumes already touching $70 billion. However, he stressed the need for a more balanced structure, as India’s share in Russia’s imports remains below 2 per cent.

Russian Presidential aide Maxim Oreshkin highlighted that bilateral trade could exceed $100 billion by 2030, fuelled by stronger Indian exports across textiles, consumer goods, food and agriculture, pharmaceuticals, telecom, electronics and industrial components. The Forum, anchored on the theme ‘Sell to Russia’, brought together senior ministers, government officials and business leaders from both nations to identify pathways for expanding Indian shipments and reducing trade imbalance, the Ministry of Commerce & Industry said in a media release.

Goyal said India offers a vast range of products that match Russia’s industrial and consumer needs, with textiles well-positioned due to competitive manufacturing strength, a large skilled workforce and global trust in Indian quality. He highlighted that India’s robust entrepreneurial and startup ecosystem, strong STEM talent base and improving logistics and compliance ecosystem further enhance export competitiveness.

India’s macroeconomic resilience, evident in strong GDP growth of 7.8 per cent in Q1 and 8.2 per cent in Q2, low inflation at 0.25 per cent last month, and its trajectory toward becoming a $30–35 trillion economy by 2047, creates a stable platform for long-term trade expansion. Goyal said India's young, skilled workforce could also help Russia address its projected shortage of 3 million professionals.

Both sides reaffirmed their commitment to strengthening the ‘Special and Privileged Strategic Partnership’, raising bilateral trade beyond $100 billion by 2030, boosting Indian exports, widening cooperation in services and innovation, and translating deeper collaboration into shared prosperity.

ALCHEMPro News Desk (KD)