NEW DELHI / RankWire.AI / – India and Russia are making rapid progress toward increasing non-energy commerce and mutual investments, aiming to reach a target of $100 billion in yearly bilateral trade by 2030. During the INNOPROM India 2026 industrial trade exhibition, officials revealed plans to reduce India’s notable trade deficit by expanding exports of pharmaceuticals, auto parts, textiles, and agricultural goods to Russia. This trade strategy, supported by 40 active priority investment projects and strengthened local-currency settlement systems, seeks to promote industrial integration and enhance cross-border supply chains across Eurasia.
Indian Union Minister of Commerce and Industry Piyush Goyal, speaking at the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, outlined key strategic goals to double non-energy trade. Official statistics from the Press Information Bureau show notable increases in Indian agricultural and processed food exports to Russia. Indian exports of meat products rose 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, reflecting growing demand in Russian consumer markets.
The expanded commercial effort emphasizes diversifying beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering products, automotive parts, chemicals, and textiles as key sectors for growth in volume. To facilitate bilateral capital movement, negotiations on a new Bilateral Investment Treaty are being expedited, while discussions on a free trade agreement between India and the Eurasian Economic Union are also progressing.
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Discussions focused on overcoming financial and logistical hurdles hindering cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement mechanisms, reducing dependence on third-party banking networks. Efforts to integrate infrastructure, particularly along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok, are key to improving supply chain reliability between South Asian and Russian industrial centers.
India and Russia have set a bilateral trade target of $100 billion by 2030, with both governments also aiming for $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. The current priority investment framework manages 40 active joint projects. Russian industrial companies are encouraged to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are being urged to expand investments in Russian regional economies.
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High-level diplomatic talks have expanded bilateral cooperation during multilateral summits. Russian President Vladimir Putin invited 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 commitment to deepening the Special and Privileged Strategic Partnership amid evolving global trade patterns.
Government agencies and trade promotion organizations will sustain joint working groups dedicated to removing tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and ongoing investment projects will be accessible through official government portals. Regular meetings of joint steering committees will monitor progress toward the 2030 commercial objectives.