New Delhi, September 10 (Daily Kiran) : Central Commerce and Industry Minister Piyush Goyal announced that it is time for India and Russia to transform their decades-long trust and strong political ties into tangible economic outcomes, industrial partnerships, and investment cooperation. Speaking at the conclusion of the India-Russia Business Dialogue during INNOPROM 2026 in New Delhi, Goyal stated that both nations are prepared to move from “protocol to production and intent to industry.”
He highlighted that India, with its vast manufacturing capacity, rapidly growing industrial base, and innovative young population, can become a strong partner for Russia. In return, Russia brings decades of engineering experience in sectors such as aerospace, metallurgy, nuclear technology, and mining. The synergy between these strengths is expected to boost not just trade but also the resilience of both economies.
Goyal emphasized the need to expand cooperation beyond the energy sector to include pharmaceuticals, engineering products, chemicals, textiles, and food products. He pointed out that diversifying Indian exports will be crucial to achieving a balanced trade relationship.
The minister also stressed the urgency of finalizing a new Bilateral Investment Treaty (BIT), which would provide legal assurance to investors and expedite investment projects. He mentioned that formal negotiations for a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU) have already begun, with a commitment to complete it soon.
Russia’s Minister of Industry and Trade, Anton Alikhanov, noted that the world is undergoing significant structural changes. He asserted that countries capable of integrating their resources and capabilities will thrive, and both India and Russia possess this potential to elevate industrial collaboration to new heights.
Alikhanov advocated for moving beyond traditional trade to focus on joint manufacturing, localization, co-development, and technology-based partnerships. He identified civil aviation, rare and critical minerals, microelectronics, unmanned systems, and digital technology as key areas for future cooperation.
R. Mukundan, President of the Confederation of Indian Industry (CII), echoed that India-Russia economic cooperation should not be limited to trade but should emphasize manufacturing, technology, innovation, and joint value creation. He noted that India’s rapid economic growth and robust manufacturing capabilities present an opportunity for Russian companies to establish India as a center for production and innovation.
The session was moderated by Anton Atrashkin, Director of the Business Program at INNOPROM, and included a panel featuring notable figures such as Alexander Vedyakhin, First Deputy Chairman of Sber, Kirill Komarov, First Deputy CEO of Rosatom, Dr. Vikramjeet Singh Sahni, Co-Chairman of CII International Council, and Kirill Lipa, CEO of Transmashholding.
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