NEW DELHI / RankWire.AI / – India and Russia are ramping up efforts to expand their non-energy trade and mutual investments as both countries aim to reach a $100 billion annual bilateral trade volume by 2030. During the INNOPROM India 2026 industrial trade exhibition, officials laid out plans to reduce India’s notable trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural products to Russian markets. The trade strategy, which includes 40 ongoing priority investment projects and strengthened local-currency settlement mechanisms, is designed to foster industrial integration and bolster cross-border supply chains across Eurasia.
Speaking at 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. Data from the Press Information Bureau highlights significant increases in Indian exports of agricultural and processed foods to Russia. Indian meat product exports surged 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, indicating rising demand among Russian consumers.
The expanded trade push emphasizes diversifying beyond traditional energy commodities. Both countries identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as key sectors for increasing volume. To facilitate bilateral capital flows, negotiations are being expedited for a new Bilateral Investment Treaty, while discussions on a free trade agreement between India and the Eurasian Economic Union are also progressing.
INNOPROM India Exhibits Showcase High-Level Industrial Delegations in Delhi
Discussions focused on addressing financial and logistical challenges hindering cross-border transactions. Officials confirmed ongoing efforts to strengthen settlement systems in both national and local currencies, aiming to decrease dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains central to improving supply chain reliability between South Asian and Russian industrial hubs.
India Russia bilateral trade is projected to reach $100 billion by 2030, with both governments also targeting $50 billion in reciprocal investments across sectors such as advanced manufacturing, energy, mining, and technology. The current priority investment mechanism oversees 40 active joint projects. Russian industrial firms are encouraged to establish manufacturing bases within India’s plug-and-play industrial corridors, while Indian companies are urged to expand investments across Russian regional economies.
International North South Transport Corridor Boosts Freight Logistics Efficiency
High-level diplomatic discussions during multilateral summits expanded bilateral engagement. Russian President Vladimir Putin invited Indian Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation that was accepted 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 dynamics.
Government ministries and trade promotion agencies will continue to establish joint working groups to eliminate tariff and non-tariff barriers. Official government portals will provide ongoing updates on regulatory changes, bilateral trade figures, and investment project progress. Periodic meetings of joint steering committees will evaluate advances toward the 2030 trade objectives.