Goyal Calls For Urgent Correction Of Skewed India Russia Trade Imbalance Ties

Union Commerce and Industry Minister Piyush Goyal has stressed the urgent need to make India–Russia trade more balanced, cautioning that the present structure of bilateral commerce is heavily skewed and economically unsustainable over the long term. While trade between the two nations has expanded significantly in recent years, the widening gap between imports and exports has emerged as a critical concern for policymakers seeking stable and diversified economic growth.

The minister underlined that India’s exports to Russia remain disproportionately low compared to the massive volume of imports, particularly in energy, fertilisers, and raw materials. This imbalance, he noted, limits India’s ability to fully leverage its manufacturing and industrial capacity on the global stage and exposes the economy to external vulnerabilities driven by sector-specific dependencies.

Goyal identified a wide range of sectors with strong potential to boost India’s export presence in the Russian market. These include consumer goods, automobiles, pharmaceuticals, electronics, engineering products, textiles and agricultural commodities. He stressed that Indian industries are globally competitive in these areas and possess the scale, quality, and cost efficiency needed to expand their footprint in Russia.

Also Read: Piyush Goyal Warns Industry of Supply Chain Risks Amid Trade Weaponization​

He further emphasised the need for stronger institutional linkages and deeper business-to-business engagement between the two countries. Simplification of regulatory procedures, smoother payment mechanisms, better logistics infrastructure, and enhanced trade facilitation were highlighted as critical enablers for accelerating Indian exports and improving overall trade efficiency.

The renewed push for a more balanced trade relationship comes at a time when both India and Russia are seeking to significantly expand the scale of bilateral economic engagement. The government has indicated that diversifying India’s export basket and reducing overreliance on a narrow set of imports will remain central to its broader strategy of ensuring long-term stability, resilience, and mutual benefit in India–Russia trade relations.

Also Read: India and Canada to Resume CEPA Negotiations Next Week, Commerce Minister Confirms