Indian businesses have ample opportunity in Russia if only they take a ‘leap of faith’: Goyal

Russia has a huge demand for industrial goods and consumer products, which can be fulfilled by Indian businesses if only they take a “leap of faith”, said Commerce Minister Piyush Goyal on Thursday (December 4, 2025).

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Speaking at the India-Russia Business Forum in New Delhi, just hours ahead of the arrival of Russian President Vladimir Putin in the national capital, Mr. Goyal said that the “sky is the limit” on what 1.4 billion Indians can offer Russia.

“I think if we all work together, particularly if our business community takes a leap of faith, I’m very sure this untapped potential can be explored,” Mr. Goyal said. “The partnership will flourish, it will address the trade imbalance in the near future, and we’ll work to eliminate, reduce, and dilute the trade barriers, if any.”

India’s good trade deficit, which was at $6.6 billion in 2021-22, surged to $58.9 billion by 2024-25. It stood at about $33 billion in 2025-26 as of October 2025.

The Commerce Minister noted that Russia has a “huge demand” for a wide range of industrial goods and consumer products, which present multiple untapped opportunities for Indian businesses. 

“Many sectors with a strong potential would include the automobile sector, whether it’s cars or tractors, heavy commercial vehicles, electronics, smartphones, data processing equipment, heavy machinery, industry components, textiles, food products and many more,” he said.

Mr. Goyal also highlighted India’s large working age population, saying that the country’s “young, hard-working, talented, skilled men and women” could fill Russia’s talent shortfall of 3 million people.