The Indian textile sector is poised to benefit with the advent of increasing trade with Russia, said Piyush Goyal, since both nations are aiming to tap into new export opportunities, enhance economic ties, and unlock unexploited potential. “Textiles, together with automobiles, electronics, heavy machinery, and food products are major growth opportunities for Indian exporters at a time when Russia is looking for reliable suppliers,” he said while speaking at the India-Russia Business Forum here in New Delhi.
He assured that the strategic partnership of the two countries was strong and had survived international uncertainties. He recalled that Prime Minister Narendra Modi, during his first meeting with President Vladimir Putin in 2014, set an initial target for bilateral trade of US $ 30 billion by 2025, which has been exceeded with volumes reaching US $ 70 billion. He warned, however, that India’s share in Russia’s overall imports is less than 2%, underlining the need for a more balanced structure in trade.
Russian Presidential aide Maxim Oreshkin said bilateral trade can top US $ 100 billion by 2030, led by stronger Indian exports in textiles, consumer goods, food and agriculture, pharmaceuticals, telecom, electronics, and industrial components. The Forum, held under the theme Sell to Russia, brought together senior ministers, officials, and business leaders from both countries to identify opportunities to expand Indian shipments and narrow the trade gap, according to the Ministry of Commerce & Industry.
India’s Competitive Strength in Supplying Textiles and Other Goods
Goyal said India has a wide range of product offerings to meet Russia’s industrial and consumer needs. He pointed out that textiles are also better-positioned specifically because of competitive manufacturing abilities, a substantial skilled manpower pool, and increasing global trust in the quality of Indian products. Besides, he asked them to draw upon India’s resilient entrepreneurial and start-up ecosystem; strong STEM talent pool; along with ways in which logistics and compliance systems have been continuously improving, thereby advancing export competitiveness.
India’s macroeconomic strength-as reflected in 7.8% GDP growth in the first quarter and 8.2% in the second, along with inflation of just 0.25% last month-provides a stable floor for long-term trade expansion. He also said India’s young and skilled manpower could help Russia mitigate its estimated shortage of three million professionals. Both Sides reaffirmed their commitment to further develop the ‘Special and Privileged Strategic Partnership‘; increase bilateral trade above US$ 100 billion by 2030; improve Indian exports; extend cooperation in services and innovation; and translate closer collaboration into shared economic benefit.
