<p>Commerce and Industry Minister <a href="https://www.deccanherald.com/tags/piyush-goyal">Piyush Goyal</a> on Thursday called for the removal of trade barriers to boost exports to Russia in order to balance the sharply skewed trade equation.</p>.<p>Speaking at the India-Russia Business Forum, Goyal said trade between the two countries has reached $70 billion. “But we cannot rest, we need to grow, we need to balance that,” he added.</p>.ISMA pitches for ethanol exports citing surplus capacity.<p>During the financial year 2024-25, India’s import from Russia stood at $63.8 billion, while exports was just $4.9 billion, leaving a trade gap of around $59 billion. The trade equation is sharply skewed in the favour of Russia, largely because of India’s oil imports.</p>.<p>To reduce the gap, Goyal has called for boosting India’s exports. He listed six major areas in which India can substantially boost its exports to Russia, namely agriculture, pharmaceuticals, telecom equipment, industrial components, and skilled human resources. </p>.<p>The business forum was organised ahead of a crucial meeting of Prime Minister Narendra Modi with Russian President Vladimir Putin, who is on his first visit to India since the outbreak of the Ukraine war.</p>.<p>India and Russia have set a target to increase bilateral trade to $100 billion by 2030. While there has been a sharp jump in bilateral trade driven by India’s oil imports, ways to reduce the trade gap is likely to feature in the Modi-Putin meeting agenda.</p>.<p>Meanwhile, Goyal discussed the economic engagements with Russia’s Minister of Economic Development Maxim Reshetnikov.</p>.<p>“We discussed cooperation in areas like food & agriculture, pharmaceuticals, textiles, automobiles, and more. Together, we are committed to unlocking the untapped potential and advancing the economic development of both our nations,” Goyal said in a post on X, after the meeting. </p>
<p>Commerce and Industry Minister <a href="https://www.deccanherald.com/tags/piyush-goyal">Piyush Goyal</a> on Thursday called for the removal of trade barriers to boost exports to Russia in order to balance the sharply skewed trade equation.</p>.<p>Speaking at the India-Russia Business Forum, Goyal said trade between the two countries has reached $70 billion. “But we cannot rest, we need to grow, we need to balance that,” he added.</p>.ISMA pitches for ethanol exports citing surplus capacity.<p>During the financial year 2024-25, India’s import from Russia stood at $63.8 billion, while exports was just $4.9 billion, leaving a trade gap of around $59 billion. The trade equation is sharply skewed in the favour of Russia, largely because of India’s oil imports.</p>.<p>To reduce the gap, Goyal has called for boosting India’s exports. He listed six major areas in which India can substantially boost its exports to Russia, namely agriculture, pharmaceuticals, telecom equipment, industrial components, and skilled human resources. </p>.<p>The business forum was organised ahead of a crucial meeting of Prime Minister Narendra Modi with Russian President Vladimir Putin, who is on his first visit to India since the outbreak of the Ukraine war.</p>.<p>India and Russia have set a target to increase bilateral trade to $100 billion by 2030. While there has been a sharp jump in bilateral trade driven by India’s oil imports, ways to reduce the trade gap is likely to feature in the Modi-Putin meeting agenda.</p>.<p>Meanwhile, Goyal discussed the economic engagements with Russia’s Minister of Economic Development Maxim Reshetnikov.</p>.<p>“We discussed cooperation in areas like food & agriculture, pharmaceuticals, textiles, automobiles, and more. Together, we are committed to unlocking the untapped potential and advancing the economic development of both our nations,” Goyal said in a post on X, after the meeting. </p>