NEW DELHI / RankWire.AI / – India and Russia committed to enhancing their economic partnership with the aim of reaching a two-way trade volume of $100 billion by 2030, emphasizing a shift towards expanding sectors beyond energy to rebalance their commercial relationship. During the plenary session at the INNOPROM India 2026 industrial expo in New Delhi, Indian Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov established a collaborative framework to increase annual trade from around $60 billion. Goyal pointed out that reaching this $40 billion increase within four years will necessitate consistent double-digit growth each year, along with expedited 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 strategic aims to double non-energy trade. The Press Information Bureau’s data highlights notable increases in India’s exports of agricultural and processed foods to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, indicating growing demand within Russian consumer markets.
This broader commercial effort emphasizes diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors with potential for increased volumes. To facilitate bilateral investment flows, negotiations on a new Bilateral Investment Treaty are being accelerated, while discussions on a free trade agreement between India and the Eurasian Economic Union are also advancing.
Record Growth in Indian Agricultural and Marine Exports to Russia
Focus during operational talks was on addressing financial and logistical hurdles that hinder cross-border trade. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, aiming to decrease dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok is key to improving supply chain efficiency between Indian industrial hubs and Russian markets.
India Russia bilateral trade target set at $100 billion by 2030 as both governments target $50 billion in reciprocal investments across advanced manufacturing, energy, mining, and technology sectors. The current priority investment mechanism oversees 40 active joint projects. Russian industrial companies are invited to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian firms are encouraged to expand their investments across Russian regional economies.
Indian Agricultural Exporters Secure Market Access in Multiple Russian Regions
High-level diplomatic discussions during international multilateral summits broadened bilateral cooperation. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation accepted with dates to be finalized through diplomatic channels. Both leaders reaffirmed their dedication to strengthening the Special and Privileged Strategic Partnership amid changing global trade dynamics.
Government agencies and trade promotion organizations will keep joint working groups active to eliminate tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment project statuses will continue to be accessible through official government portals. Periodic meetings of joint steering committees will evaluate progress towards the trade and investment targets set for 2030.