Screengrab of the India-Russia Business Forum / Courtesy: @PiyushGoyal via 'X'

Indian Union Minister of Commerce and Industry Piyush Goyal on Dec. 4 described Russia as India’s unwavering "Sukh Dukh Ka Saathi" (companion in both joy and sorrow), amid Russian President Vladimir Putin’s high-profile visit to the country.

Citing US$70 billion in bilateral trade and the enduring warmth in the “Special and Privileged Strategic Partnership,” Goyal made the remarks during the India-Russia Business Forum in New Delhi.

The forum, themed "Sell to Russia," was co-led by Goyal and Russia’s Deputy Chief of Staff Maxim Oreshkin.

Also Read: Russia's Putin seeks to boost energy, defense exports with India visit

Goyal, addressing senior officials and business leaders from both nations, evoked Prime Minister Modi’s words: "No matter how low the temperature dips during the Russian winter, the India-Russia friendship will always remain full of warmth."

He recalled the inaugural 2014 summit between Modi and Putin, which set a US$30 billion trade target by 2025—a goal not only met but surpassed, with current volumes doubling to US$70 billion.

Yet, Goyal stressed the need for equilibrium, noting India’s share in Russia’s imports lingers below 2 percent. "There is so much to offer between both countries," he said, advocating diversification across products and sectors for "equitable and sustainable growth."

He spotlighted Indian strengths in automobiles, tractors, heavy commercial vehicles, electronics, smartphones, data-processing equipment, heavy machinery, industrial components, textiles, and food products—sectors poised to meet Russia’s robust demand and boost exports.

Oreshkin, the keynote speaker, echoed the sentiment, "India-Russia trade has made remarkable strides, with volumes nearing US$70 billion, yet immense potential remains untapped... Our shared focus is to foster more balanced and mutually rewarding trade, aiming to exceed US$ 100 billion by 2030, driven by stronger Indian exports."

We see particularly promising avenues for collaboration in consumer goods, food and agriculture, pharmaceuticals and medical supplies, telecom and electronics, industrial components, and the mobility of skilled talent," he added.

The forum, organized to expand India’s exports and foster investment, drew participation from Indian Ministers Rajiv Ranjan Singh (Fisheries, Animal Husbandry, and Dairying), alongside Secretaries Rajesh Agrawal (Commerce), Amit Agrawal (Pharmaceuticals), S. Krishnan (Electronics and IT), and N. S. Rao (Textiles).

Russia’s delegation included Economic Development Minister Maxim Reshetnikov, Agriculture Minister Oksana Lut, Digital Development Minister Maksut Shadayev, and Deputy Industry and Trade Minister Alexey Gruzdev. Discussions spanned energy, minerals, engineering goods, automobiles, agriculture, pharmaceuticals, IT, digital services, and financial solutions.

Referencing Oreshkin’s G20 comments in South Africa, Goyal positioned India as a "reliable and forward-looking partner" amid crises in openness, institutions, and development models. Quoting Russian poet Rasul Gamzatov, he affirmed, "There are no distant lands for those who have a friend nearby. Mountains do not divide us; they only lift our gaze higher."

FICCI president Anant Goenka reinforced the vision: "The future of the India-Russia partnership lies in high-growth, high-innovation sectors: digital transformation, AI and emerging technologies, green energy, mobility and advanced manufacturing, financial innovation, and startups. India and Russia do not merely trade in goods—we trade in trust. It is this trust, built over decades, that gives our partnership its strength."

Both sides recommitted to US$100 billion in trade by 2030, balanced goods growth, services expansion, investments, and cooperation in connectivity, innovation, and regional links—translating economic ties into prosperity for 1.4 billion Indians and Russians alike.

Goyal concluded with optimism: Collaborative business efforts would “address the trade imbalance in the near future and enable both sides to reduce and eliminate existing barriers, create enabling conditions for business, and open up new opportunities.”

Defence co-operation

In a parallel development during Putin’s visit, Indian Defense Minister Rajnath Singh and his Russian counterpart, Andrei Belousov, co-chaired the 22nd India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation (IRIGC-M&MTC) at Manekshaw Centre on Dec. 4.

The sides reiterated that India-Russia ties rest on "a deep sense of trust, common principles, and mutual respect." Singh emphasized India’s ‘Aatmanirbhar Bharat’ push for indigenous defense capacity-building in production and exports, while highlighting "new opportunities to enhance collaboration across niche technologies."

Belousov, stressing deepened ties rooted in "many years of friendship and strategic cooperation," affirmed, "The Russian Defence Industry is ready to support India towards becoming self-reliant in the field of defense production." He extended an invitation for Singh to co-chair the 23rd session in Russia in 2026.

The ministers signed a protocol outlining ongoing and prospective cooperation areas, following a wreath-laying at the National War Memorial and a ceremonial Tri-service Guard of Honour inspection by the Russian dignitary—honoring Indian braves’ sacrifices.