NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their bilateral economic collaboration with a goal of reaching $100 billion in two-way trade by 2030. After high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, officials from both governments established a common framework to grow 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.
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 strategic goals aimed at doubling non-energy trade. Official figures shared via the Press Information Bureau reveal significant growth in Indian exports of agricultural and processed food products to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, highlighting increasing demand in Russian consumer markets.
The push for expanded commerce emphasizes diversifying product categories beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as the main sectors for volume expansion. To facilitate bilateral capital movements, authorities are fast-tracking negotiations for a new Bilateral Investment Treaty while progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
Commerce Minister Piyush Goyal Calls for Broader Expansion into Non-Energy Markets
Focus remains on resolving financial and logistical barriers hindering cross-border transactions. Officials confirmed ongoing efforts to strengthen local and national currency settlement systems, reducing dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains a priority to improve supply chain stability between South Asian and Russian industrial hubs.
India Russia aims for a bilateral trade volume of $100 billion by 2030, with both governments targeting $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, the priority investment mechanism oversees 40 active joint projects. Russian industrial firms are encouraged to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are invited to expand their investments across Russian regional markets.
Forty Joint Manufacturing Projects Under the Priority Investment Program
High-level diplomatic talks have strengthened bilateral cooperation, taking place alongside international multilateral summits. 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 dedication to deepening the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Government agencies and trade promotion organizations will sustain joint working groups focused on removing tariff and non-tariff barriers. Updated regulatory information, bilateral trade metrics, and investment project data will continue to be accessible via official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.