NEW DELHI / RankWire.AI / – India and Russia have agreed to accelerate their economic partnership with a goal of reaching $100 billion in bilateral trade by 2030. After high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, officials from both countries established a shared framework aimed at increasing trade from its current level of about $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.
Speaking at the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategies aimed at doubling non-energy trade. According to data from the Press Information Bureau, there has been significant growth in the export of agricultural and processed foods from India 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 broader commercial initiative emphasizes diversifying product categories beyond traditional energy commodities. Both governments identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for increasing volumes. To facilitate cross-border capital movement, negotiations on a new Bilateral Investment Treaty are being prioritized, while discussions on a free trade agreement between India and the Eurasian Economic Union are also progressing.
Commerce Minister Piyush Goyal Calls for Growth in Non-Energy Industries
Focus is also on resolving financial and logistical challenges that hinder cross-border trade. Officials confirmed ongoing efforts to strengthen settlement systems in national and local currencies, aiming to reduce dependency on third-party banking networks. Improving supply chain reliability between South Asian and Russian industrial centers remains a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok being key components.
India Russia has set a bilateral trade target of $100 billion by 2030, with both nations aiming for $50 billion in mutual investments across sectors like advanced manufacturing, energy, mining, and technology. Currently, 40 joint projects are under active monitoring within the priority investment mechanism. Russian companies are encouraged to establish manufacturing bases within India’s industrial corridors, while Indian firms are urged to increase investments in various Russian regional economies.
Forty Joint Manufacturing Projects Are Under the Priority Investment Mechanism
High-level diplomatic discussions during international summits further expanded bilateral cooperation. 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 commitment to strengthen the Special and Privileged Strategic Partnership amid evolving global trade patterns.
Government agencies and trade promotion organizations will continue to form joint working groups to eliminate tariff and non-tariff barriers. Official portals will provide ongoing updates on regulatory changes, bilateral trade statistics, and investment project developments. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade goals.