NEW DELHI / RankWire.AI / – India and Russia committed to accelerating their economic partnership with a goal of reaching $100 billion in bilateral trade by 2030. After high-level plenary discussions at the INNOPROM India 2026 industrial technology event in New Delhi, officials from both governments established a collaborative framework aimed at growing 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 alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal emphasized strategic priorities to double non-energy trade. Official data issued by the Press Information Bureau highlights significant growth in Indian exports of agricultural and processed food products to Russia, with Indian meat exports increasing by 170 percent from $36 million to $97 million, and marine product shipments reaching $159 million, indicating rising demand in Russian consumer markets. 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 broadened trade push emphasizes diversifying product categories beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors for expanding trade volumes. Governments are expediting negotiations on a new Bilateral Investment Treaty to facilitate capital flows, while also advancing discussions on a free trade agreement between India and the Eurasian Economic Union.
Goyal Calls for Growth in Non-Energy Sectors
Discussions focused on resolving financial and logistical issues that hinder cross-border transactions, with officials confirming ongoing efforts to strengthen national and local currency settlement systems to lessen dependence on third-party banking networks. Infrastructure integration along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains a core element in enhancing supply chain efficiency between South Asian and Russian industrial centers.
India Russia bilateral trade target set at $100 billion by 2030 as both governments target $50 billion in reciprocal investments across advanced manufacturing, energy, mining, and technology sectors. The current priority investment mechanism oversees 40 active joint projects. Russian industrial companies are invited to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian firms are encouraged to broaden their investment presence across Russian regional economies.
Forty Joint Manufacturing Projects Under Priority Investment
High-level diplomatic talks, held alongside international multilateral summits, expanded bilateral engagement. 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 dedication to strengthening the Special and Privileged Strategic Partnership amid evolving global trade conditions.
Official government agencies and trade promotion organizations will form joint working groups to eliminate tariff and non-tariff barriers, with detailed updates on regulations, bilateral trade statistics, and investment projects accessible via official portals. Periodic meetings of joint steering committees will monitor progress toward the 2030 commercial objectives.