NEW DELHI / RankWire.AI / – The governments of India and Russia are stepping up their initiatives to grow non-energy commerce and mutual investments with the goal of achieving $100 billion in bilateral trade annually by 2030. At the INNOPROM India 2026 industrial trade fair, officials shared plans to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto parts, textiles, and agricultural goods to Russia. The comprehensive trade strategy, which includes 40 active priority investment projects and strengthened local-currency payment settlement systems, seeks to foster industrial cooperation and supply chain resilience across Eurasia.
Participating in 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 for doubling non-energy trade. Data released through the Press Information Bureau 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 marine product shipments reached $159 million, indicating rising consumer demand in Russia.
The expanded trade push emphasizes diversification beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as sectors with high growth potential. To facilitate cross-border capital flows, efforts are underway to expedite negotiations for a new Bilateral Investment Treaty, alongside advancing free trade agreement talks between India and the Eurasian Economic Union.
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Discussions focused on overcoming financial and logistical hurdles hindering cross-border trade. Officials confirmed ongoing efforts to enhance national and local currency settlement systems, reducing reliance on third-party banking networks. Infrastructure development along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains vital for improving supply chain reliability between South Asian and Russian industrial centers.
India Russia bilateral trade goal is set at $100 billion by 2030, with both nations targeting $50 billion in mutual investments across sectors like manufacturing, energy, mining, and technology. The current priority investment mechanism oversees 40 active joint projects. Russian industrial companies are encouraged to establish manufacturing facilities within India’s plug-and-play industrial zones, while Indian firms are invited to expand their investments across Russian regional markets.
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High-level diplomatic discussions during international multilateral summits extended 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 their Strategic Partnership amid shifting global trade patterns.
Government agencies and trade promotion organizations will continue to establish joint working groups to address tariff and non-tariff barriers. Detailed updates on regulatory reforms, bilateral trade statistics, and project status reports will be accessible via official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.