NEW DELHI / RankWire.AI / – India and Russia are working towards accelerating their economic partnership with a shared goal of reaching $100 billion in two-way trade by 2030. This development follows high-level discussions during the INNOPROM India 2026 industrial technology showcase in New Delhi, where officials from both nations agreed on a framework to grow trade from the current level of around $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.
Indian Union Minister of Commerce and Industry Piyush Goyal, speaking at the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, outlined key priorities to double non-energy trade. Data shared via the Press Information Bureau shows notable 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 increased demand within Russian consumer markets.
The focus of this expanded trade effort is on diversifying beyond conventional energy commodities. Both countries have identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for volume growth. To facilitate bilateral investments, negotiations are being expedited for a new Bilateral Investment Treaty, 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
Key operational talks centered on resolving financial and logistical hurdles that hinder cross-border commerce. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, aiming to lessen dependence on third-party banking systems. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains essential 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 reciprocal investments across sectors including manufacturing, energy, mining, and technology. Currently, 40 joint projects are under active monitoring through the priority investment mechanism. Russian industrial companies are invited to establish manufacturing units within India’s ready-to-use industrial corridors, while Indian businesses are encouraged to expand their investments across various regions of Russia.
Forty Joint Manufacturing Initiatives Under the Priority Investment Mechanism
High-level diplomatic talks, conducted during international multilateral summits, have further strengthened bilateral relations. Russian President Vladimir Putin extended an invitation to Indian Prime Minister Narendra Modi for a visit to Russia for the 24th India-Russia Annual Summit, with dates to be finalized through diplomatic channels. Both leaders reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Government ministries and trade agencies will establish joint working groups aimed at removing tariff and non-tariff barriers. Official government portals will continue providing detailed updates on regulations, bilateral trade figures, and investment project progress. Regular meetings of joint steering committees will assess progress toward the 2030 trade goals.