NEW DELHI / RankWire.AI / – India and Russia have committed to boosting their economic partnership with an ambitious goal of achieving $100 billion in two-way trade by 2030. This ambitious target was set during high-level plenary discussions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, where officials from both nations established a common framework to grow trade from its 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.
During the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined strategic priorities aimed at doubling non-energy trade. Data from the Press Information Bureau highlights significant growth in exports 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 initiative to expand commercial ties emphasizes diversification beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as the key sectors for growth in volume. To facilitate bilateral investments, governments are expediting negotiations for a new Bilateral Investment Treaty and advancing free trade agreement talks between India and the Eurasian Economic Union.
Commerce Minister Piyush Goyal Calls for Growth in Non-Energy Industries
Focus during operational discussions was on resolving financial and logistical obstacles that hinder cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement systems, aiming to reduce 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 to improving supply chain stability between South Asian and Russian industrial centers.
India Russia has set a bilateral trade goal 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, 40 joint projects are being monitored under the priority investment mechanism. Russian companies are encouraged to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian firms are urged to expand their investment presence across Russian regional economies.
Priority Investment Mechanism Oversees 40 Joint Manufacturing Initiatives
High-level diplomatic talks during international multilateral summits further expanded bilateral cooperation. 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 dedication to strengthening their Special and Privileged Strategic Partnership amidst shifting global trade patterns.
Government ministries and trade bodies will continue to form joint working groups to eliminate tariff and non-tariff barriers. Up-to-date regulatory information, bilateral trade figures, and investment project data will be accessible via official government portals. Periodic meetings of joint steering committees will assess progress toward the 2030 commercial objectives.