NEW DELHI / RankWire.AI / – India and Russia are stepping up their efforts to boost non-energy commerce and mutual investments as both countries aim for an annual bilateral trade volume of $100 billion by 2030. During the INNOPROM India 2026 industrial trade fair, officials outlined strategies to reduce India’s significant trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural goods to Russia. This trade framework, supported by 40 active priority investment projects and enhanced local-currency payment settlement mechanisms, seeks to promote industrial integration and strengthen cross-border supply chains across Eurasia.
At the co-chair session, Indian Union Minister of Commerce and Industry Piyush Goyal, alongside Russian Minister of Industry and Trade Anton Alikhanov, emphasized strategic goals to double non-energy trade. Official figures shared through the Press Information Bureau highlight notable increases in Indian agricultural and processed food exports to Russia. Indian exports of meat products grew 170 percent from $36 million to $97 million, while shipments of marine products reached $159 million, indicating rising demand among Russian consumers.
The expanded trade push aims to diversify beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering goods, automotive components, chemicals, and textiles as key sectors for increasing trade volume. To facilitate bilateral capital flows, governments are expediting negotiations on a new Bilateral Investment Treaty and advancing free trade agreement discussions between India and the Eurasian Economic Union.
INNOPROM India Exhibition Facilitates High-Level Industrial Delegations in Delhi
Discussions centered on resolving financial and logistical challenges hampering cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement systems, reducing dependence on third-party banking networks. Infrastructure integration along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains a core focus for enhancing 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 targeting $50 billion in mutual investments across sectors such as manufacturing, energy, mining, and technology. Currently, 40 joint projects are under close review through the priority investment mechanism. Russian industry players 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 economies.
Enhancement of Freight Connectivity via the International North South Transport Corridor
High-level diplomatic discussions have expanded bilateral engagement, including on the sidelines of 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 commitment to strengthening their Strategic Partnership amid changing global trade dynamics.
Government ministries and trade promotion agencies will sustain joint working groups to address tariff and non-tariff barriers. Detailed updates on regulations, bilateral trade statistics, and ongoing investment projects will be made available through official government portals. Periodic meetings of joint steering committees will evaluate progress toward reaching the 2030 trade and investment objectives.