NEW DELHI / RankWire.AI / – India and Russia have committed to strengthening their bilateral economic ties with the goal of achieving $100 billion in two-way trade by 2030. During high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, officials from both countries established a collaborative framework aimed at increasing current trade levels 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 from the Press Information Bureau shows notable growth in exports of agricultural and processed foods from India to Russia, with meat exports up 170 percent from $36 million to $97 million, and marine products reaching $159 million, indicating rising Russian consumer demand. 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 trade effort aims to diversify beyond traditional energy commodities. Both nations identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as sectors for growth. To facilitate bilateral investments, governments are expediting negotiations on a new Bilateral Investment Treaty and advancing free trade talks between India and the Eurasian Economic Union.
India and Russia Set Ambitious Trade Goal of $100 Billion
Discussions centered on resolving financial and logistical hurdles hindering cross-border trade. Officials confirmed ongoing efforts to enhance national and local currency settlement systems, reducing dependence on third-party banking networks. Efforts to improve infrastructure along the International North-South Transport Corridor and maritime routes linking Chennai and Vladivostok are crucial for boosting supply chain efficiency between Indian and Russian industrial centers.
India Russia has set a bilateral trade target of $100 billion by 2030, with plans for $50 billion in mutual investments across manufacturing, energy, mining, and tech sectors. The current priority mechanism tracks 40 active joint projects. Russian firms are encouraged to establish manufacturing facilities within India’s industrial corridors, while Indian companies are urged to expand their investments across Russian regions.
Focus on Non-Energy Trade Expansion Key to Reaching Bilateral Goals
High-level diplomatic talks have broadened bilateral engagement. Russian President Vladimir Putin invited 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 deepening their Strategic Partnership amid evolving global trade conditions.
Government ministries and trade promotion organizations will continue joint efforts to remove tariff and non-tariff barriers. Updated regulatory information, bilateral trade data, and investment project statuses will be accessible through official portals. Periodic meetings of joint steering committees will monitor progress toward the 2030 trade goals.