Union Commerce and Industry Minister Piyush Goyal on Thursday said Russia has always stood by India “in good times and difficult times”, as he called for a more balanced and diversified trade partnership between the two nations.

Speaking at the India–Russia Business Forum in New Delhi, Goyal said bilateral trade has touched USD 70 billion, far surpassing the USD 30 billion target set by Prime Minister Narendra Modi and President Vladimir Putin in 2014. He stressed, however, that the current trade pattern needs greater balance and diversification.

Goyal underscored that India’s share in Russia’s total imports remains below 2 per cent, despite strong economic ties. He said there is “immense potential still untapped”, identifying automobiles, electronics, heavy machinery, textiles and food

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