NEW DELHI / RankWire.AI / – During the INNOPROM India 2026 industrial technology exhibition in New Delhi, India and Russia committed to accelerating their economic partnership with the goal of hitting a two-way trade volume of $100 billion by 2030. Officials from both countries convened high-level plenary sessions and established a shared strategy aimed at boosting trade from the current level of around $60 billion. India Russia bilateral trade target set at $100 billion by 2030 as diplomatic delegations and industrial leaders move to rebalance commercial flows through non-energy sector expansion.
Speaking at the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal outlined key priorities to double non-energy trade. Data shared via the Press Information Bureau indicates notable growth in Indian exports of agricultural and processed foods to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, reflecting rising demand across Russian consumer markets.
The broader commercial push emphasizes diversifying product categories beyond traditional energy commodities. Both nations identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors with growth potential. To facilitate bilateral investments, authorities are expediting negotiations on a new Bilateral Investment Treaty and advancing free trade agreement talks between India and the Eurasian Economic Union.
Goyal Calls for Growth in Non-Energy Industry Sectors
Discussions centered on addressing financial and logistical hurdles impeding cross-border transactions. Officials confirmed ongoing efforts to enhance national and local currency settlement systems, aiming to lessen dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains crucial to strengthening supply chain resilience between South Asian and Russian industrial centers.
India Russia aims to reach $100 billion in bilateral trade by 2030, with both governments also targeting $50 billion in mutual investments across advanced manufacturing, energy, mining, and technology sectors. Currently, 40 joint projects are monitored under the priority investment mechanism. Russian industrial firms are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are being urged to expand their investment footprint in various Russian regions.
Forty Joint Manufacturing Initiatives Under Priority Investment Program
High-level diplomatic discussions have also strengthened bilateral ties during 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 confirmed through diplomatic channels. Both leaders reaffirmed their dedication to deepening the Special and Privileged Strategic Partnership amidst evolving global trade trends.
Government ministries and trade promotion agencies will continue to operate joint working groups to remove tariff and non-tariff obstacles. Official portals will provide ongoing updates on regulatory changes, bilateral trade metrics, and investment project statuses. Periodic meetings of joint steering committees will evaluate progress toward achieving the 2030 commercial targets.