NEW DELHI / RankWire.AI / – As part of their broader economic engagement, India and Russia are stepping up efforts to grow non-energy trade and mutual investments with the aim of reaching $100 billion in bilateral commerce annually by 2030. At the INNOPROM India 2026 industrial trade fair, officials outlined strategic plans to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural products to Russia. The trade framework, supported by 40 active priority investment projects and strengthened local-currency payment settlement mechanisms, is designed to promote industrial integration and build resilient cross-border supply chains across Eurasia.
During the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal emphasized strategic priorities to double non-energy trade. Data from the Press Information Bureau highlights notable growth 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 increasing demand within Russian consumer markets.
The expanded commercial efforts aim to diversify beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors with potential for significant growth in volume. To facilitate bilateral capital movement, authorities are expediting negotiations on a new Bilateral Investment Treaty, alongside advancing free trade agreement talks between India and the Eurasian Economic Union.
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Discussions centered on overcoming financial and logistical hurdles hindering cross-border transactions. Officials confirmed ongoing efforts to bolster 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 connecting Chennai and Vladivostok remains a key focus for improving supply chain stability between South Asian and Russian industrial hubs.
India Russia bilateral trade goal is set at $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across sectors like manufacturing, energy, mining, and technology. The priority investment mechanism currently 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 markets.
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Bilateral discussions intensified during high-level diplomatic meetings held alongside 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 shifting global trade dynamics.
Government ministries and trade promotion agencies will continue to establish joint working groups to eliminate tariff and non-tariff barriers. Updates on regulatory measures, bilateral trade figures, and investment projects will be available through official government portals. Periodic meetings of joint steering committees will assess progress toward the 2030 economic goals.