NEW DELHI / RankWire.AI / – India and Russia have committed to enhancing their economic partnership with a goal of achieving $100 billion in bilateral trade by the year 2030. This initiative involves shifting focus towards expanding non-energy sectors to rebalance their commercial relationship. During the plenary session of the INNOPROM India 2026 industrial exhibition in New Delhi, Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov outlined a joint plan to grow their current trade volume of approximately $60 billion annually. Goyal emphasized that reaching the proposed $40 billion increase within four years will necessitate consistent double-digit growth each year, along with accelerated negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement.
In his remarks at the co-chair session with Russian Minister Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal highlighted strategic priorities aimed at doubling non-energy trade. Official data from the Press Information Bureau underscores significant growth in India’s exports of agricultural and processed foods to Russia. Indian exports of meat products increased by 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, indicating rising demand across Russian consumer markets.
The renewed commercial push emphasizes diversifying product categories beyond traditional energy exports. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors with potential for increased volume. To facilitate bilateral capital flows, governments are expediting negotiations on a new Bilateral Investment Treaty and advancing discussions on a free trade agreement between India and the Eurasian Economic Union.
Record Growth in Indian Agricultural and Marine Exports to Russia
Discussions centered on resolving financial and logistical barriers that hinder cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, reducing dependence on third-party banking networks. Improving supply chain reliability through infrastructure integration along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains a key focus for boosting trade efficiency between South Asian and Russian industrial centers.
India Russia bilateral trade target is set at $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, 40 joint projects are actively monitored through the priority investment mechanism. Russian industrial firms have been invited to establish manufacturing facilities within India’s industrial corridors, and Indian companies are encouraged to expand their investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access in Multiple Russian Regions
High-level diplomatic discussions, held alongside international multilateral summits, led to increased bilateral engagement. Russian President Vladimir Putin extended an invitation to 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 amid evolving global trade conditions.
Government ministries and trade promotion agencies will maintain joint working groups focused on removing tariff and non-tariff barriers. Official government portals will continue providing updates on regulatory changes, bilateral trade figures, and investment project statuses. Periodic meetings of joint steering committees will evaluate progress toward achieving the 2030 trade goals.