NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their economic partnership with an aim to reach a bilateral trade volume of $100 billion by 2030. After high-level plenary discussions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, representatives from both countries agreed on a joint framework to boost trade from its current level of approximately $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.
In a co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategic aims to double non-energy trade, with official figures from the Press Information Bureau highlighting notable increases 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 expanded commercial effort emphasizes diversifying product categories beyond traditional energy commodities, with both countries identifying pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as primary sectors for growth in volume. To facilitate bilateral capital flows, governments are expediting negotiations on a new Bilateral Investment Treaty and advancing free trade agreement talks between India and the Eurasian Economic Union.
Commerce Minister Piyush Goyal Calls for Broader Sector Growth
Discussions focused on removing financial and logistical obstacles hindering cross-border transactions, with officials confirming ongoing efforts to reinforce national and local currency settlement systems, reducing dependence on third-party banking networks. Infrastructure integration along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains essential to improving supply chain reliability between South Asian and Russian industrial centers.
India Russia bilateral trade target set at $100 billion by 2030 as both governments aim for $50 billion in mutual investments across sectors like manufacturing, energy, mining, and technology. Currently, 40 joint projects are under active monitoring within the priority investment framework. Russian industrial firms are encouraged to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are invited to broaden their investments across Russian regional markets.
Priority Investment Framework Oversees 40 Joint Manufacturing Initiatives
Bilateral relations intensified during high-level diplomatic talks held on the sidelines of international multilateral summits, with Russian President Vladimir Putin inviting Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit—an invitation that has been accepted, with specific dates to be finalized through diplomatic channels. Leaders reaffirmed their commitment to deepen their Strategic Partnership amid shifting global trade landscapes.
Government agencies and trade promotion organizations will continue to form joint working groups aimed at removing tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment project progress will be accessible via official government portals. Periodic meetings of joint steering committees will assess progress towards the 2030 commercial objectives.