NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their economic partnership with a goal of reaching $100 billion in bilateral trade by 2030. After high-level discussions at the INNOPROM India 2026 industrial technology expo in New Delhi, officials from both nations agreed on a shared strategy to increase 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 key strategies to double non-energy trade. Official figures from the Press Information Bureau show significant increases in exports of agricultural and processed foods from India to Russia. Indian meat product exports increased by 170 percent, from $36 million to $97 million, while marine product shipments reached $159 million, indicating a growing demand in Russian markets.
The expanded trade effort emphasizes diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for increased volume. To facilitate capital flow, governments are fast-tracking talks on a new Bilateral Investment Treaty and advancing free trade agreement negotiations between India and the Eurasian Economic Union.
Commerce Minister Piyush Goyal Calls for Growth in Non-Energy Trade
Discussions centered on removing financial and logistical hurdles that slow cross-border trade. Officials confirmed ongoing efforts to strengthen local and national currency settlement systems, reducing dependence on third-party banking networks. Improving supply chain stability is a priority, with a focus on infrastructure along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok.
India Russia aims to reach $100 billion in bilateral trade by 2030, with both governments targeting $50 billion in mutual investments across manufacturing, energy, mining, and tech sectors. Currently, 40 joint projects are monitored under the priority investment mechanism. Russian firms are encouraged to set up manufacturing bases in India’s industrial corridors, while Indian companies are invited to expand investments across Russian regions.
Forty Joint Manufacturing Projects Under Priority Investment Mechanism
High-level diplomatic talks have deepened bilateral cooperation. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit. The invitation is awaiting final dates through diplomatic channels. Both leaders reaffirmed their commitment to strengthening the Special and Privileged Strategic Partnership amid changing global trade patterns.
Government ministries and trade agencies will continue forming joint working groups to eliminate tariffs and non-tariff barriers. Official portals will provide updates on regulatory changes, trade statistics, and project progress. Regular meetings of joint steering committees will review progress toward the 2030 trade objectives.