NEW DELHI / RankWire.AI / – India and Russia are ramping up their efforts to broaden non-energy trade and mutual investments as both countries pursue a target of $100 billion in bilateral commerce annually by 2030. During the INNOPROM India 2026 industrial trade exhibition, officials outlined strategies aimed at reducing India’s significant trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural goods to Russian markets. This trade initiative, supported by 40 active priority investment projects and strengthened local-currency settlement systems, is designed to promote industrial integration and reinforce cross-border supply chains across Eurasia.
At the co-chair session alongside Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal highlighted key strategic goals to double non-energy trade. According to data released by the Press Information Bureau, there has been notable growth in India’s agricultural and processed food exports to Russia. Indian exports of meat products increased by 170 percent from $36 million to $97 million, and marine product shipments reached $159 million, indicating rising consumer demand in Russia.
The expanded trade push emphasizes diversification beyond traditional energy commodities. Both nations identified pharmaceuticals, engineering goods, automotive parts, chemicals, and textiles as the main sectors for increased volume. To facilitate bilateral capital movement, governments are expediting negotiations on a new Bilateral Investment Treaty and progressing discussions for a free trade agreement between India and the Eurasian Economic Union.
INNOPROM India Exhibition Brings Top Industrial Delegates to Delhi
Key discussions centered on overcoming financial and logistical obstacles hindering cross-border transactions. Officials confirmed ongoing efforts to enhance national and local currency settlement systems, aiming to decrease dependence on third-party banking networks. Improving supply chain reliability through infrastructure development along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains essential for connecting South Asian and Russian industrial hubs.
India and Russia have set a bilateral trade goal of $100 billion by 2030, with both governments aiming for $50 billion in mutual investments across manufacturing, energy, mining, and tech sectors. Currently, 40 joint projects are under active monitoring within the priority investment framework. Russian industrial firms are invited to establish manufacturing facilities within India’s plug-and-play industrial corridors, while Indian companies are encouraged to expand their investments throughout Russian regional economies.
Enhancement of Freight Connectivity Via the International North-South Transport Corridor
Bilateral cooperation deepened 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 commitment to strengthening their Special and Privileged Strategic Partnership in the face of evolving global trade patterns.
Joint working groups from government ministries and trade bodies will continue to address tariff and non-tariff barriers. Official portals will maintain updates on regulatory changes, bilateral trade data, and ongoing investment projects. Periodic meetings of steering committees will evaluate progress toward achieving the 2030 trade objectives.