New Delhi: India and Russia are working towards an ambitious target of increasing bilateral trade to $100 billion and two-way investments to $50 billion by 2030, Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at the India-Russia Business Dialogue 2026 in New Delhi, Goyal said the two countries share a relationship built on trust and are working to expand economic and commercial cooperation.
The minister noted that achieving the $100 billion trade target would require significant efforts from both governments and businesses. Bilateral trade currently stands at around $60 billion, meaning the two sides would need to add nearly $40 billion over the next four years.
India and Russia are also moving towards a new Bilateral Investment Treaty (BIT), which Goyal said would provide investors from both countries with greater legal certainty and encourage fresh investments.
On the trade front, both countries are pushing for an early conclusion of negotiations for a free trade agreement between India and the Russia-led Eurasian Economic Union (EAEU). The bloc also includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.
However, a major concern for India remains the large trade deficit with Russia. Government data shows that Indian exports to Russia were below $5 billion, while Russian exports to India crossed $55 billion. Energy remains India's biggest import from Russia.
Goyal said India was looking to increase exports of agricultural products, pharmaceuticals, textiles and other goods to narrow the gap. Some sectors have already recorded growth. Exports of meat and meat products increased sharply, while shipments of fish and aquatic products, vegetables, coffee, tea and spices also rose.
Bilateral trade had reached a record $68.7 billion in 2024-25 before declining to around $60 billion in 2025-26.
Russian Industry and Trade Minister Anton Alikhanov said Prime Minister Narendra Modi is expected to visit Moscow by the end of this year. He also highlighted opportunities for cooperation in areas such as rare earths and microelectronics and invited Indian pharmaceutical companies to invest in active pharmaceutical ingredient manufacturing in Russia.
Industry representatives said the trade target was achievable, particularly because payment mechanisms using the two countries' national currencies are already in place.
Sberbank's senior executive Alexander Vedyakhin said financial systems were facilitating faster bilateral payments and that barriers to trade had been reduced significantly.
Indian industry leaders also highlighted Russia's potential as an investment destination for Indian businesses, particularly in manufacturing.
The latest discussions indicate that India and Russia are seeking to expand their traditionally strong partnership beyond defence and energy, with greater emphasis on trade, investment, technology and industrial cooperation.
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