NEW DELHI / RankWire.AI / – India and Russia are stepping up initiatives to grow non-energy trade and mutual investments as both countries aim for $100 billion in yearly bilateral commerce by 2030. At the INNOPROM India 2026 industrial trade fair, officials presented strategies to reduce India’s sizeable trade deficit by increasing exports of pharmaceuticals, auto parts, textiles, and agricultural goods to Russia. This trade framework, supported by 40 active priority investment projects and strengthened local-currency payment mechanisms, seeks to foster industrial cooperation and resilient cross-border supply chains 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 key priorities to double non-energy trade. The Press Information Bureau reports 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 marine product shipments hit $159 million, indicating rising Russian consumer demand.
The push for expanded trade emphasizes diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, auto parts, chemicals, and textiles as key sectors for increased volume. Governments are expediting talks on a new Bilateral Investment Treaty and progressing negotiations for a free trade agreement between India and the Eurasian Economic Union to facilitate capital flow.
INNOPROM India Exhibition Showcases Top Industrial Delegations in Delhi
Discussions focused on removing financial and logistical hurdles hindering cross-border trade. Officials confirmed ongoing efforts to reinforce 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 link connecting Chennai and Vladivostok remain crucial for improving supply chain reliability between South Asian and Russian industrial centers.
India Russia bilateral trade target is set at $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across manufacturing, energy, mining, and technology sectors. Currently, 40 joint projects are actively monitored through the priority investment mechanism. Russian industrial companies are invited to establish manufacturing facilities within India’s industrial corridors, while Indian firms are encouraged to expand investments across Russian regional markets.
Enhancement of Freight Logistics Via the International North South Transport Corridor
High-level diplomatic discussions intensified bilateral cooperation during 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 diplomatically. Both leaders reaffirmed their commitment to deepening the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Official agencies and trade promotion groups will sustain joint working groups to eliminate tariff and non-tariff barriers. Updated regulatory information, bilateral trade data, and investment project progress reports will remain accessible via government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 trade objectives.