"We need to bring more diversity in our trade basket," says Goyal on India-Russia trade ties

New Delhi [India], December 4 (ANI): Union Commerce and Industry Minister Piyush Goyal on Thursday said India and Russia must work together to bring greater diversity and balance to their trade basket, underscoring the vast untapped potential in the bilateral economic partnership.

Speaking at India-Russia Business Forum in the national capital, Goyal said, "We need to bring more diversity in our trade basket. We need to make it more balanced inter se Russia and India. We need to add more variety. And there's so much to offer between both countries. There's so much that we believe we can take from Russia, there's such a large variety of offerings that 1.4 billion Indians from India have to offer to Russia that the sky is the limit."

During the speech, Goyal said that India has navigated the pandemic, geopolitical tensions, and supply shocks while remaining "a beacon of hope, an engine of economic growth.

He said the India-Russia partnership is time-tested and has "stood as a testament to decades of unwavering solidarity, enduring the many uncertainties of a changing world."

He emphasised India's commitment to expanding trade, strengthening institutions, and following an inclusive and sustainable development model focused on the welfare of "1.4 billion Indians."

Goyal highlighted India's transformation from a "fragile five economy" a decade ago to being among the top five today, soon to become the world's third-largest GDP.

Touching on reforms, Goyal said India has undertaken "bold reforms," including the Goods and Services Tax--"a single tax across the country"--along with new labour codes merging 29 laws into four. These aim to ensure better wages, higher minimum wages, greater safety, and a social security net, including for gig and contract workers. India's young demographic, with an average age of "around 28 and a half years," will remain a strength for decades, he said.

He also noted efforts toward "decriminalisation of many laws," removal of obsolete regulations, and easing compliance burdens to improve "ease of doing business and ease of living."

On trade, Goyal recalled that in 2014 India and Russia had set a target of USD 30 billion bilateral trade by 2025.

"We are twice that already," he said, while acknowledging the need to address the trade imbalance and diversify offerings on both sides. He urged the business community to take "a leap of faith," adding that the sky is the limit for expanding opportunities. (ANI)

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