NEW DELHI / RankWire.AI / – India and Russia have committed to enhancing their economic partnership with the aim of reaching a bilateral trade volume of $100 billion by 2030, emphasizing a strategic shift towards expanding non-energy sectors to rebalance their commercial ties. 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 jointly outlined a framework designed to increase annual trade from its current level of approximately $60 billion. Goyal highlighted that accomplishing the target of an additional $40 billion over the next four years will necessitate consistent double-digit growth each year, coupled with accelerated negotiations for a new bilateral investment treaty and an India-Eurasian Economic Union free trade agreement.
At the co-chair session alongside Russian Minister Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal shared strategic priorities aimed at doubling non-energy trade. Data issued by the Press Information Bureau shows significant growth in exports of agricultural and processed foods from India to Russia. Indian exports of meat products increased 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, indicating rising consumer demand within Russian markets.
This expanded commercial initiative aims to diversify beyond traditional energy commodities, with both countries pinpointing pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for increasing trade volume. To facilitate cross-border financial flows, efforts are underway to expedite negotiations on a new Bilateral Investment Treaty, alongside progress on discussions to establish a free trade agreement between India and the Eurasian Economic Union.
Trade in Agricultural and Marine Products Shows Strong Growth in Russian Markets
Key discussions focused on overcoming financial and logistical hurdles that hinder smooth cross-border exchanges. Officials confirmed ongoing efforts to bolster local currency settlement systems, reducing dependence on third-party banking networks. Improving supply chain efficiency is also a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remaining central to strengthening trade connectivity between South Asia and Russia.
India Russia bilateral trade target set at $100 billion by 2030 as both governments aim for $50 billion in reciprocal investments across advanced manufacturing, energy, mining, and technology sectors. Currently, 40 joint projects are actively monitored under the priority investment mechanism. Russian industrial firms are invited to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are encouraged to expand their investment presence throughout Russian regional economies.
Indian Agricultural Exporters Secure Market Access Across Russian Regions
Bilateral cooperation deepened during high-level diplomatic talks conducted on the sidelines of global 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, with the dates to be finalized through diplomatic channels. Both leaders reaffirmed their dedication to strengthening the Special and Privileged Strategic Partnership amid evolving global trade dynamics.
Government ministries and trade promotion agencies will continue to maintain joint working groups focused on removing tariff and non-tariff barriers, while detailed updates on regulatory changes, bilateral trade figures, and investment project progress will be accessible through official government portals. Regular meetings of joint steering committees will be held to evaluate progress toward the 2030 trade and investment objectives.