New Delhi, July 08: Mr. Anil K Agarwal, Past President, ASSOCHAM, participated in INNOPROM held in Russia, an International Industrial Event- a global platform that brings together manufacturers and buyers from around the world. This international exhibition is organized during 6-9 July 2026 in Ekaterinburg, Russia.
Delivering his speech which presented the reflections of Indian growth story, Mr. Agarwal said that India-Russia bilateral trade has grown to US$60 billion, driven largely by energy. India is one of the largest buyers of Russian crude oil, and trade settlement in our own currencies, the Rupee and the Ruble, is opening further room for growth.
India’s friendship with Russia spans over seven decades. What began in defence and energy has grown into a broad partnership spanning trade, science, technology, education, space and healthcare, today known as our Special and Privileged Strategic Partnership, noted Mr. Agarwal.
Further he mentioned that our leaders have set an ambitious target of US$100 billion by 2030, with both countries working to diversify beyond energy into manufacturing, pharmaceuticals, engineering and digital technologies.
India’s fast-growing economy and Russia’s industrial and scientific depth are genuinely complementary. Together, the two large economies and founding partners in BRICS are working on the technologies and supply chains that friendly economies everywhere will need, in artificial intelligence, machine learning, advanced manufacturing, healthcare and agriculture.
Emphasizing on the India’s robust growth momentum, Mr. Agarwal highlighted that India is the world’s 5th largest economy, with a GDP of US$4.15 trillion, and among the fastest-growing major economies at 7.6% growth. Our foreign exchange reserves stand strong at nearly US$670 billion, and our international trade is around US$1.90 trillion.
Beyond these numbers, India is a global leader in digital technology, with the world’s largest digital payments ecosystem and expanding AI capabilities. India is the pharmacy of the world in healthcare and vaccine manufacturing, with well-known achievements in space technology. And as the world’s most populous country, India offers a large pool of young, talented and skilled workers.
It is heartening that during the India-Russia IG Joint Working Group meeting held in Moscow last week and both sides agreed to encourage private companies to explore opportunities on both sides and promote joint projects in all critical sectors, particularly advanced manufacturing, green hydrogen, energy storage, metallurgy, mining, critical minerals, and new and emerging technologies, aiming to achieve investments towards a $50 billion target by 2030, Mr. Anil K Agarwal noted.
ASSOCHAM believes that Russia offers excellent opportunities to expand trade, and India, as a large and growing economy, is ready to jointly offer its strengths and partnership to the world.
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