NEW DELHI / RankWire.AI / – India and Russia have committed to enhancing their economic partnership with the aim of reaching a two-way trade volume of $100 billion by 2030. This initiative aims to rebalance their commercial relations by expanding into non-energy industries. During the plenary session of the INNOPROM India 2026 industrial fair in New Delhi, Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov outlined a joint plan to increase annual trade from its current level of approximately $60 billion. Goyal emphasized that achieving this $40 billion increase within four years will necessitate consistent double-digit growth each year, along with accelerated talks on 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 Piyush Goyal shared strategic priorities aimed at doubling non-energy trade. Data released by the Press Information Bureau shows significant growth in Indian exports of agricultural products and processed foods to Russia. Indian meat exports increased by 170 percent from $36 million to $97 million, and marine product shipments reached $159 million, reflecting rising consumer demand in Russia’s markets.
The push to expand trade emphasizes diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for increasing trade volume. To facilitate cross-border capital flows, authorities are expediting negotiations on a new Bilateral Investment Treaty and advancing free trade talks between India and the Eurasian Economic Union.
Record Growth in Indian Agricultural and Marine Exports to Russia
Discussions centered on removing financial and logistical hurdles that impede cross-border exchanges. Officials confirmed ongoing efforts to reinforce national and local currency settlement mechanisms, aiming to reduce dependence on third-party banking networks. Improving supply chain reliability between South Asian industrial hubs and Russia remains a priority, with infrastructure projects along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok playing a central role.
India Russia bilateral trade target set at $100 billion by 2030 as both governments aim for $50 billion in mutual investments across sectors like manufacturing, energy, mining, and technology. Currently, 40 joint projects are monitored under the priority investment framework. Russian industrial firms are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are urged to expand their investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access Throughout Russian Territories
Bilateral relations deepened during high-level diplomatic discussions held on the sidelines of international 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 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 sustain joint working groups to address tariff and non-tariff barriers. Updated regulatory information, bilateral trade data, and investment project updates will continue to be available through official government portals. Periodic meetings of joint steering committees will review progress toward the 2030 commercial goals.