NEW DELHI / RankWire.AI / – India and Russia are stepping up their efforts to broaden non-energy commerce and mutual investments as both countries aim to reach $100 billion in bilateral trade annually by 2030. At the INNOPROM India 2026 industrial trade exhibition, officials outlined plans to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto parts, textiles, and agricultural commodities to Russian markets. This trade framework, supported by 40 ongoing priority investment projects and strengthened local-currency payment settlement mechanisms, seeks to enhance industrial cooperation and supply chain resilience across Eurasia.
During the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal emphasized strategic goals aimed at doubling non-energy trade. Data provided by the Press Information Bureau illustrates notable growth in India’s agricultural and processed food exports to Russia. Indian exports of meat products increased 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, reflecting heightened consumer demand in Russia.
The expanded commercial push aims to diversify beyond traditional energy exports. Both nations identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for expanding volumes. To facilitate bilateral capital flows, authorities are expediting negotiations on a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
INNOPROM India Event Showcases Leading Industrial Delegations in Delhi
In-depth discussions centered on overcoming financial and logistical obstacles hindering cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement systems, decreasing dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains vital to improving supply chain reliability between South Asian and Russian industrial centers.
India and Russia have set a bilateral trade goal of $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across advanced manufacturing, energy, mining, and technology sectors. The current priority investment mechanism oversees 40 active joint projects. Russian industrial firms are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are invited to expand their investments across Russian regional economies.
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Bilateral cooperation expanded during high-level diplomatic talks 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 deepening the Special and Privileged Strategic Partnership amid evolving global trade conditions.
Government ministries and trade promotion agencies will sustain joint working groups focused on removing tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment project progress will be accessible via official government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.