NEW DELHI / RankWire.AI / – India and Russia have committed to enhancing their economic partnership with a goal of reaching $100 billion in two-way trade by 2030. The plan involves balancing commercial relations by expanding into non-energy industries. 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 agreed on a joint framework to elevate annual trade from its current level of approximately $60 billion. Goyal emphasized that realizing the ambitious $40 billion increase over four years will demand consistent double-digit growth each year, alongside accelerated negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement.
Speaking at the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key strategies to double non-energy trade. Data from the Press Information Bureau highlights notable growth in exports of agricultural and processed foods from India 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 Russian consumer demand.
The expanded economic initiative emphasizes diversifying product categories beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering products, automotive parts, chemicals, and textiles as key sectors for volume expansion. To facilitate bilateral capital movement, authorities are expediting negotiations on a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
Record Growth in Agricultural and Marine Exports to Russian Markets
Discussions centered on resolving financial and logistical challenges hindering cross-border trade. Officials confirmed ongoing efforts to strengthen the settlement systems in local and national currencies, reducing dependence on third-party banking networks. Improving supply chain reliability is a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remaining central to this goal.
India Russia bilateral trade target is set at $100 billion by 2030, with both nations aiming for $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, 40 joint projects are under active monitoring through the priority investment mechanism. Russian industrial companies are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian firms are being urged to expand their investment footprint throughout Russian regional economies.
Indian Agricultural Exporters Secure Access to Russian Regional Markets
High-level diplomatic discussions during international multilateral summits facilitated greater 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 commitment to strengthening the Special and Privileged Strategic Partnership amid changing global trade circumstances.
Government agencies and trade promotion organizations will sustain joint working groups to remove tariff and non-tariff obstacles. Updated regulatory information, trade metrics, and investment project data will continue to be available through official government portals. Periodic meetings of joint steering committees will evaluate progress toward the trade and investment goals set for 2030.