NEW DELHI / RankWire.AI / – In New Delhi, during the high-level discussions at the INNOPROM India 2026 industrial technology exhibition, India and Russia committed to accelerating their economic partnership. The two governments agreed on a collective goal of reaching $100 billion in two-way trade by 2030, aiming to increase trade from the current level of approximately $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.
Indian Union Minister of Commerce and Industry Piyush Goyal, speaking at the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, highlighted strategic aims to double non-energy trade. Official data released through the Press Information Bureau indicates significant growth in exports of agricultural and processed foods from India 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 initiative 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. To facilitate cross-border investment, 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.
India and Russia Aim for 100 Billion Dollars in Bilateral Trade
Focus during operational talks centered on overcoming financial and logistical challenges hindering cross-border commerce. Officials confirmed ongoing efforts to strengthen settlement systems using national and local currencies to lessen dependence on third-party banking networks. Improving supply chain reliability remains a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok playing a key role in connecting South Asian and Russian industries.
India Russia has set a bilateral trade target of $100 billion by 2030, with both nations aiming 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 framework. Russian industrial firms are invited to establish manufacturing bases within India’s industrial corridors, while Indian companies are encouraged to expand their investments across Russian regional economies.
Balancing Non-Energy Trade Is Essential for Meeting Future Targets
Engagement between India and Russia grew during high-level diplomatic discussions 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, with dates to be finalized through diplomatic channels. Both leaders reaffirmed their dedication to strengthening the Special and Privileged Strategic Partnership amidst evolving global trade conditions.
Government ministries and trade organizations will maintain joint working groups to address tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment projects will be accessible through official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 commercial objectives.