NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their economic collaboration with the aim of reaching a bilateral trade volume of $100 billion by 2030. During the high-level plenary discussions at the INNOPROM India 2026 industrial technology expo in New Delhi, officials from both nations agreed on a common framework to increase trade from its current level of roughly $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.
At the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined strategic plans to double non-energy trade. Data shared via the Press Information Bureau highlights significant increases in Indian exports of agricultural and processed foods to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, indicating growing consumer demand across Russian markets.
The push for expanded trade emphasizes diversification beyond traditional energy commodities. Key sectors identified for growth include pharmaceuticals, engineering products, automotive parts, chemicals, and textiles. To facilitate cross-border capital movements, negotiations are being expedited on a new Bilateral Investment Treaty, alongside progress in free trade agreement talks between India and the Eurasian Economic Union.
India-Russia Trade Goal of $100 Billion
Discussions also focused on resolving logistical and financial hurdles impeding trade flows. Officials confirmed ongoing efforts to strengthen settlement systems in both national and local currencies, reducing dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains a priority to improve supply chain efficiency between South Asian and Russian industrial centers.
India Russia has set a bilateral trade target of $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across sectors such as manufacturing, energy, mining, and technology. Currently, 40 joint projects are under close monitoring within the priority investment framework. Russian industry players are invited to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are encouraged to broaden their investment footprint across Russian regional economies.
Rebalancing of Non-Energy Trade as a Key to Meeting Bilateral Goals
Bilateral cooperation was expanded through high-level diplomatic talks held 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, an invitation accepted with dates to be determined through diplomatic channels. Both leaders reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership amidst shifting global trade patterns.
Government ministries and trade promotion agencies will continue to form joint working groups aimed at removing tariff and non-tariff barriers. Detailed updates on regulatory reforms, bilateral trade figures, and ongoing investment projects will be accessible through official government portals. Regular meetings of joint steering committees will evaluate progress toward the 2030 trade targets.