Goyal calls for expanded Indo‑Russian cooperation beyond energy

Union Minister Piyush Goyal used the platform of INNOPROM 2026’s India‑Russia Business Dialogue to stress that the bilateral relationship must move past its traditional energy focus. He urged both governments to channel their historic political trust into measurable industrial outcomes, including joint production facilities, technology sharing and co‑development of value‑added products.

Goyal pointed out that India’s expansive manufacturing ecosystem, backed by a young and skilled workforce, is ready to absorb Russian expertise in aerospace, metallurgy, nuclear technology and mining. This synergy, he argued, could generate new jobs, enhance export diversification and strengthen the economic resilience of both nations.

The minister highlighted the need to diversify Indian exports to Russia, covering pharmaceuticals, engineering goods, chemicals, textiles and processed foods. He also stressed the importance of concluding a Bilateral Investment Treaty quickly to give investors confidence and speed up project execution.

On the diplomatic front, Goyal confirmed that formal talks on a Free Trade Agreement with the Eurasian Economic Union have already started, with a commitment to wrap up negotiations in the near term.

Russian Industry Minister Anton Alekhinov agreed, noting that the global economy is undergoing a structural shift and that countries capable of integrating resources and capabilities will lead. He identified areas such as civil aviation, rare‑earth minerals, micro‑electronics, unmanned systems and digital technologies as the next frontier for Indo‑Russian collaboration.

The discussion was moderated by INNOPROM’s Business Programme Director Anton Atreshkin and featured senior representatives from CI I, Rosatom, Transmach Holding and other key industry players.