NEW DELHI / RankWire.AI / – India and Russia are stepping up their efforts to broaden trade in sectors outside of energy, aiming for a bilateral commerce volume of $100 billion annually by 2030. At the INNOPROM India 2026 industrial trade exhibition, officials shared strategies to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto parts, textiles, and agricultural goods to Russia. The proposed trade structure, supported by 40 ongoing priority investment projects and strengthened local-currency payment settlement mechanisms, is designed to foster industrial integration and bolster cross-border supply chain resilience 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 goals to double non-energy trade volume. Data shared through the Press Information Bureau indicates notable growth in Indian exports of agricultural and processed foods to Russia. Indian meat product exports increased by 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, reflecting rising demand from Russian consumers.
The expanded trade efforts are aimed at diversifying product categories beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors with potential for increased volumes. To facilitate bilateral investments, 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.
INNOPROM India Exhibition Facilitates High-Level Industrial Delegations in Delhi
Focus was placed on resolving financial and logistical barriers that hinder cross-border trade. Officials confirmed ongoing efforts to enhance systems for settlement in national and local currencies, aiming to reduce dependence on third-party banking networks. Improving supply chain reliability between South Asian and Russian industrial hubs remains a priority, especially through infrastructure projects such as the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok.
India and Russia have set a bilateral trade target of $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across sectors such as manufacturing, energy, mining, and technology. Currently, 40 active joint projects are under the priority investment mechanism. Russian manufacturing companies are encouraged to establish production facilities within India’s industrial corridors, while Indian firms are being urged to expand their investments into Russian regional economies.
International North-South Transport Corridor Boosts Freight Transportation
High-level diplomatic discussions during multilateral summit sidelines have 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 deepening the Special and Privileged Strategic Partnership amid shifting global trade dynamics.
Official government bodies and trade promotion agencies will continue to form joint working groups aimed at removing tariffs and non-tariff barriers. Updates regarding regulatory changes, bilateral trade statistics, and investment project developments will be accessible via official government portals. Periodic meetings of joint steering committees are planned to review progress towards the 2030 trade objectives.