The Ministry of Commerce and Industry has set an ambitious target for India-Russia economic ties. Union Minister Piyush Goyal has called for doubling bilateral trade to $100 billion and reaching $50 billion in two-way investment by 2030. This announcement came during the INNOPROM India 2026 exhibition in New Delhi, where he met with Russian Minister of Industry and Trade Anton Alikhanov.
The Numbers and Plan
Current India-Russia bilateral trade stands at around $60 billion. To reach $100 billion, both countries need to add approximately $40 billion over the next four years, which requires sustained double-digit growth annually. The two countries are also tracking 40 live investment projects across advanced manufacturing, energy, mining, railways and emerging technologies.
Minister Goyal identified specific sectors where India can significantly expand exports to Russia. These include:
- Pharmaceuticals and auto components
- Food products, where Indian exports have already grown substantially: meat exports jumped nearly 170 percent from $36 million to $97 million, fish products rose 30 percent, and edible vegetables increased 40 percent
- Engineering goods, chemicals, textiles and marine products
- Tractors and tractor parts
India and Russia are fast-tracking a new bilateral investment treaty to provide legal certainty for investors. Payment mechanisms using national currencies are being strengthened to reduce friction. India has also launched free trade negotiations with the Eurasian Economic Union, comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyz Republic.
Minister Goyal invited Russian manufacturers to set up production in India, highlighting plug-and-play industrial corridors and India’s young, skilled workforce. He also urged Indian businesses to invest and manufacture in Russia, not merely trade.
What this means for you
If these targets are met, trade between India and Russia could nearly double, potentially creating more export opportunities for Indian farmers, food processors, pharmaceutical companies and auto component manufacturers. Better payment systems and reduced trade barriers could make it easier for Indian businesses to sell to Russian markets and vice versa. The expansion of manufacturing partnerships may also lead to new jobs in India’s industrial sectors.