India, Russia on track to surpass $100 b bilateral trade target by 2030: Padalko

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| New Delhi, September 11

First of all, we are very impressed by the situation in the Indian economy. We are bringing to Bharat our investments and technologies, and we would certainly like to increase the overall volume of collaboration between our countries. Today, our Russian delegation consists of more than 1,000 people representing over 100 big and small enterprises.

India has been worried about the rising trade deficit with Russia. What are the products and sectors where Russia can increase imports from India?

While we understand the current dynamics of our bilateral and foreign trade, we recognise that we need to increase imports from Bharat to Russia, and we know we have the real capabilities to do so.  That is why we are ready to direct our resources towards the transport and logistics sectors first, while also increasing collaboration in the digital sphere. As you know, we are already deeply engaged in oil and gas, but we want to further diversify our partnership into areas like railways and the broader real economy.

Yesterday, Indian Trade Minister highlighted the possibility of growing India’s exports in sectors such as pharmaceuticals, food products, engineering goods and textiles. Will that happen?

Absolutely. We were very much struck by the speech delivered by Minister Piyush Goyal, and we will do our absolute best from our side to follow through and align our efforts with his recommendations.

There was a time when cross-border payments were a major challenge for India-Russia trade. How do you see the payment system evolving, particularly with the increasing use of local currencies?

Currently, we do not have any difficulties regarding cross-border payments between our nations. Frankly speaking, our transactions are processed very quickly in both countries. While we are entirely ready to conduct business using our national currencies, we are certainly not opposed to utilising the dollar, euro or any other currencies if needed.

Given the geopolitical tensions and the uncertainty created by US tariffs, how important is it for Indian and Russian businesses to strengthen their partnership? Is the $100 billion bilateral trade target by 2030 feasible?

We are historically friends and partners, and every Russian knows that our friendship is timeless. You must remember that the largest market in the world today is the Global South, which is why our shared philosophy and nature form the strongest possible foundation for our relationship. Looking ahead, I believe we will surpass the $100-billion trade target within the next two to three years, and by 2030, the figure will be significantly higher.