NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their economic partnership with a goal of reaching $100 billion in bilateral trade by 2030. This consensus was reached during high-level plenary sessions at the INNOPROM India 2026 industrial technology expo in New Delhi, where officials from both countries established a collaborative framework to grow trade from its current level 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.
During a co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined the strategic focus on doubling non-energy trade. Data released via the Press Information Bureau indicates significant growth in exports of agricultural and processed foods from India to Russia, including a 170 percent increase in meat exports from $36 million to $97 million, and marine product shipments reaching $159 million, driven by rising consumer demand across Russia.
The expansion emphasizes diversification beyond traditional energy commodities, with pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles identified as key sectors for growth. To facilitate bilateral investments, negotiations are being accelerated on a new Bilateral Investment Treaty, while discussions on a free trade agreement between India and the Eurasian Economic Union are also progressing.
Commerce Minister Piyush Goyal Calls for Growth in Non-Energy Trade
Focus has been on resolving financial and logistical issues that hinder cross-border trade. Officials are working to bolster settlement systems in local currencies, reducing dependence on third-party banking networks. Improving infrastructure through the International North-South Transport Corridor and maritime routes linking Chennai and Vladivostok remains vital for streamlining supply chains between South Asian and Russian industrial hubs.
India Russia has set a bilateral trade target of $100 billion by 2030, with both countries aiming for $50 billion each in mutual investments across manufacturing, energy, mining, and tech sectors. Currently, 40 joint projects are under active review within the priority investment framework. Russian firms are encouraged to establish manufacturing bases within India’s industrial corridors, while Indian companies are being urged to expand investments in Russian regional economies.
Forty Joint Manufacturing Initiatives Are Part of the Priority Investment Plan
High-level diplomatic discussions have strengthened bilateral ties, including an invitation from Russian President Vladimir Putin to Indian Prime Minister Narendra Modi for a visit to Russia for the 24th India-Russia Annual Summit, with dates to be finalized through diplomatic channels. Leaders reaffirmed their dedication to enhancing the Special and Privileged Strategic Partnership amid evolving global trade patterns.
Government ministries and trade promotion agencies will maintain joint working groups aimed at eliminating tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment projects will be accessible via official portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.