NEW DELHI / RankWire.AI / – India and Russia are stepping up initiatives to broaden their non-energy commerce and mutual investments, aiming for an annual bilateral trade volume of $100 billion by 2030. During the INNOPROM India 2026 industrial trade fair, officials detailed plans to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural products to Russia. This trade framework, supported by 40 active priority investment projects and strengthened local-currency payment settlement mechanisms, seeks to foster industrial collaboration and enhance supply chain resilience across Eurasia.
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 strategic goals to double non-energy trade. The Press Information Bureau reports significant growth in India’s agricultural and processed food exports to Russia. Indian exports of meat products increased by 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, indicating rising Russian consumer demand.
The expansion aims to diversify beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as sectors for substantial growth in volume. To facilitate bilateral capital flow, negotiations on a new Bilateral Investment Treaty are being expedited, and discussions on a free trade agreement between India and the Eurasian Economic Union are progressing.
INNOPROM India Exhibition Brings Top Industrial Delegates to Delhi
Key discussions centered on addressing financial and logistical barriers hindering cross-border trade. Officials confirmed ongoing efforts to enhance national and local currency settlement systems, decreasing dependency on third-party banking networks. Strengthening infrastructure along the International North-South Transport Corridor and the maritime route connecting Chennai and Vladivostok remains vital for improving supply chain stability between South Asian and Russian industrial centers.
India and Russia aim for a bilateral trade target of $100 billion by 2030, with both governments also focusing on $50 billion in mutual investments across sectors such as advanced manufacturing, energy, mining, and technology. Currently, 40 joint projects are actively monitored through a priority investment mechanism. Russian industrial firms are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are prompted to expand their investments across Russian regional economies.
Enhanced Freight Connectivity via the International North-South Transport Corridor
High-level diplomatic discussions during international multilateral summits further expanded bilateral cooperation. 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 commitment to strengthening the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Government ministries and trade promotion agencies will sustain joint working groups to eliminate tariff and non-tariff barriers. Official portals will continue providing detailed regulatory updates, bilateral trade statistics, and investment project data. Periodic meetings of joint steering committees will evaluate progress towards the 2030 economic objectives.