NEW DELHI / RankWire.AI / – India and Russia have committed to accelerating their economic partnership with the aim of reaching a two-way trade volume of $100 billion by the year 2030. After high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi, representatives from both governments agreed on a joint framework to boost trade from the 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 aimed at doubling non-energy trade. According to data shared by the Press Information Bureau, there has been notable growth in Indian exports of agricultural and processed food products to Russia. 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 expanded commercial initiative aims to diversify product categories beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors with high potential for growth in volume. To facilitate bilateral financial exchanges, authorities are expediting negotiations for a new Bilateral Investment Treaty and advancing free trade agreement talks between India and the Eurasian Economic Union.
Commerce Minister Piyush Goyal Calls for Growth in Non-Energy Industries
Discussions focused on overcoming financial and logistical hurdles that hinder cross-border trade. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, thereby reducing dependence on third-party banking systems. Enhancement of infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains crucial to increasing supply chain efficiency between South Asian and Russian industrial centers.
India Russia bilateral trade goal is set at $100 billion by 2030, with both nations also aiming for $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, the priority investment mechanism monitors 40 active joint projects. Russian industrial companies are encouraged to set up manufacturing bases within India’s plug-and-play industrial corridors, while Indian firms are invited to expand their investments within Russian regional economies.
The Priority Investment Mechanism Oversees Forty Collaborative Manufacturing Initiatives
Diplomatic engagement intensified during high-level talks held alongside international multilateral summits. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation that has been accepted with dates to be finalized through diplomatic channels. Both leaders reaffirmed their commitment to deepen the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Government agencies and trade promotion organizations will establish joint working groups to address tariffs and non-tariff barriers. Updated regulatory information, bilateral trade figures, and progress on investment projects will continue to be accessible via official government portals. Periodic meetings of joint steering committees will evaluate advancements toward the 2030 trade objectives.