NEW DELHI / RankWire.AI / – In an effort to strengthen economic ties, India and Russia have agreed to accelerate their bilateral cooperation with the goal of reaching $100 billion in two-way trade by 2030. This initiative was discussed during high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, where officials from both governments laid out a framework to increase trade from its current level of roughly $60 billion. India Russia bilateral trade target set at $100 billion by 2030 as diplomatic delegations and industrial leaders move to rebalance commercial flows through non-energy sector expansion.
During the co-chair session, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategic objectives aimed at doubling non-energy trade, alongside Russian Minister of Industry and Trade Anton Alikhanov. The Press Information Bureau provided data indicating significant growth in Indian exports of agricultural and processed foods to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, reflecting rising demand across Russian consumer markets.
The focus of this expanded trade effort is to diversify product categories beyond traditional energy commodities. Both nations identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors for increasing trade volume. To facilitate cross-border capital movement, negotiations on a new Bilateral Investment Treaty are being prioritized, alongside progress in free trade agreement discussions between India and the Eurasian Economic Union.
Trade Minister Piyush Goyal Emphasizes Growth in Non-Energy Sectors
Discussions centered on overcoming financial and logistical hurdles hindering cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, reducing dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains crucial for improving supply chain stability between South Asian and Russian industrial hubs.
India Russia has set a bilateral trade target of $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across sectors such as manufacturing, energy, mining, and technology. Currently, the priority investment mechanism oversees 40 active joint projects. Russian industrial entities are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are urged to broaden their investments across Russian regional economies.
Forty Joint Manufacturing Projects Under Priority Investment Framework
High-level diplomatic meetings have further advanced bilateral cooperation, especially during international multilateral summits. Russian President Vladimir Putin extended an invitation to Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, with dates to be finalized through diplomatic channels. Both leaders reaffirmed their dedication to deepening the Special and Privileged Strategic Partnership amid changing global trade landscapes.
Government agencies and trade promotion organizations will continue to establish joint working groups aimed at removing tariff and non-tariff barriers. All relevant trade figures, regulatory updates, and investment project information will be accessible through official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 commercial targets.