NEW DELHI / RankWire.AI / – Aiming to strengthen their economic partnership, India and Russia have committed to increasing bilateral trade to a total of $100 billion by 2030, with a focus on expanding non-energy sectors to balance their commercial relations. During the plenary session of the INNOPROM India 2026 industrial exhibition in New Delhi, Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov established a collaborative framework to elevate annual trade from roughly $60 billion. Goyal emphasized that reaching the ambitious goal of an additional $40 billion over four years will necessitate consistent double-digit growth each year, along with accelerated negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement.
At the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategic goals to double non-energy trade. The Press Information Bureau’s data shows notable increases in exports of agricultural products and processed foods from India to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, reflecting rising consumer demand in Russia.
The expanded commercial effort emphasizes diversifying product categories beyond traditional energy commodities. Key sectors identified for growth include pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles. To facilitate bilateral capital movements, authorities are expediting negotiations for a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
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Focus areas during operational talks include addressing financial and logistical barriers that hinder cross-border transactions. Officials confirmed ongoing efforts to enhance settlement systems for national and local currencies, aiming to lessen dependence on third-party banking networks. Strengthening infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains critical for improving supply chain stability between South Asian and Russian industrial centers.
India Russia bilateral trade target set at $100 billion by 2030 as both governments aim 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 industrial companies are invited to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian firms are encouraged to expand their investments across Russian regional economies.
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High-level diplomatic talks, held during multilateral summits, have led to expanded bilateral cooperation. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation accepted with dates to be finalized through diplomatic channels. Both leaders reaffirmed their commitment to deepen the Special and Privileged Strategic Partnership amid changing global trade dynamics.
Government agencies and trade promotion organizations will maintain joint working groups to address tariff and non-tariff barriers. Updates on regulatory policies, bilateral trade figures, and ongoing investment projects will be available through official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.