NEW DELHI / RankWire.AI / – India and Russia have committed to boosting their economic collaboration with the aim of reaching a two-way trade volume of $100 billion by 2030. During high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, officials from both countries outlined a shared framework to grow trade from its current level of approximately $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 addressed the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov. He highlighted strategic priorities aimed at doubling non-energy trade. Official data from the Press Information Bureau reveals significant 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, and shipments of marine products reached $159 million, indicating increasing demand across Russian consumer markets.
The expanded commercial efforts are focused on diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors with strong growth potential. To facilitate cross-border capital movements, governments are accelerating negotiations on a new Bilateral Investment Treaty and advancing discussions on a free trade agreement between India and the Eurasian Economic Union.
India Russia Sets $100 Billion Target for Bilateral Trade to Deepen Economic Cooperation
Discussions centered on resolving financial and logistical hurdles hindering cross-border transactions. Officials confirmed ongoing efforts to enhance national and local currency settlement mechanisms, reducing dependence on third-party banking networks. Infrastructure integration along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok is key to improving supply chain resilience between South Asian and Russian industrial centers.
India Russia has set a bilateral trade goal of $100 billion by 2030, with both nations aiming for $50 billion in reciprocal investments across sectors such as manufacturing, energy, mining, and technology. Currently, 40 joint projects are being monitored under the priority investment mechanism. Russian industrial companies have been invited to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian firms are encouraged to expand their investments across Russian regional economies.
Strengthening Non-Energy Trade Relations Is Critical for Meeting Bilateral Goals
Bilateral cooperation increased during high-level diplomatic discussions held on the sidelines of 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. The dates are yet to be finalized through diplomatic channels. Both leaders reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership amid shifting global trade dynamics.
Government agencies and trade promotion organizations will continue to establish joint working groups to remove tariffs and non-tariff barriers. Detailed updates on regulatory changes, trade statistics, and investment projects will be available through official government portals. Periodic meetings of joint steering committees will track progress toward the 2030 trade and investment targets.