NEW DELHI / RankWire.AI / – Both India and Russia are fast-tracking efforts to broaden non-energy trade and mutual investments with the goal of reaching $100 billion in annual bilateral commerce by 2030. During the INNOPROM India 2026 industrial trade fair, officials laid out plans to address India’s significant trade deficit by increasing exports of pharmaceuticals, auto parts, textiles, and agricultural goods to Russia. The trade strategy, supported by 40 active priority investment projects and strengthened local-currency payment settlement mechanisms, aims to enhance industrial cooperation and supply chain resilience across Eurasia.
Indian Union Minister of Commerce and Industry Piyush Goyal, speaking at the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, emphasized the importance of doubling non-energy trade. Official figures released through the Press Information Bureau show significant increases in Indian agricultural and processed food exports to Russia. Exports of Indian 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 initiatives are aimed at diversifying product categories beyond traditional energy commodities. Pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles have been identified as key sectors expected to see increased volumes. To facilitate cross-border capital flows, governments are expediting negotiations for a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union.
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Discussions centered on overcoming financial and logistical hurdles affecting cross-border transactions. Officials confirmed ongoing efforts to reinforce national and local currency settlement systems, reducing dependency on third-party banking networks. Key infrastructure projects, such as the International North-South Transport Corridor and maritime routes connecting Chennai and Vladivostok, are vital to improving supply chain stability between South Asian and Russian industrial hubs.
India and Russia have set a bilateral trade target of $100 billion by 2030, with both countries also aiming for $50 billion in reciprocal investments across sectors such as manufacturing, energy, mining, and technology. The current priority investment mechanism oversees 40 active joint projects. Russian industrial companies are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian enterprises are being urged to expand their investments into Russian regional economies.
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Bilateral cooperation expanded during high-level diplomatic talks 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 strengthening the Special and Privileged Strategic Partnership amid shifting global trade patterns.
Joint working groups under government ministries and trade promotion bodies will continue efforts to remove tariff and non-tariff barriers. Official government portals will provide ongoing updates on regulatory changes, bilateral trade statistics, and investment project progress. Periodic meetings of joint steering committees will track progress towards the 2030 commercial objectives.