NEW DELHI / RankWire.AI / – In Delhi during the INNOPROM India 2026 industrial trade fair, India and Russia are stepping up efforts to broaden non-energy trade and mutual investments as both countries aim to reach $100 billion in annual bilateral commerce by 2030. Officials presented strategies to reduce India’s notable trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural goods to Russia. The trade framework, supported by 40 active priority investment projects and strengthened local-currency settlement mechanisms, seeks to foster industrial integration and enhance cross-border supply chain resilience across Eurasia.
During the co-chair session with Russian Minister of Industry and Trade Anton Alikhanov, Indian Union Minister of Commerce and Industry Piyush Goyal emphasized strategic priorities to double non-energy trade. The Press Information Bureau provided official data showing significant growth in Indian exports of agricultural and processed foods to Russia. Indian exports of meat products increased by 170 percent from $36 million to $97 million, while marine product shipments reached $159 million, indicating rising demand among Russian consumers.
The expanded commercial push aims to diversify beyond traditional energy commodities. Both countries have identified pharmaceuticals, engineering products, automotive parts, chemicals, and textiles as key sectors for increased volume. Governments are expediting negotiations on a new Bilateral Investment Treaty and progressing discussions on a free trade agreement between India and the Eurasian Economic Union to bolster bilateral capital flows.
INNOPROM India Exhibition Brings Top Industrial Delegates to Delhi
Focus was placed on resolving financial and logistical hurdles impeding cross-border transactions. Officials confirmed ongoing efforts to strengthen national and local currency settlement systems, decreasing dependence on third-party banking networks. Enhancing infrastructure along the International North-South Transport Corridor and the maritime route linking Chennai and Vladivostok remains essential to improving supply chain reliability between South Asian and Russian industrial hubs.
India and Russia have set a bilateral trade target of $100 billion by 2030, with both governments also aiming for $50 billion in mutual investments across sectors like advanced manufacturing, energy, mining, and technology. The current priority investment mechanism oversees 40 active joint projects. Russian industrial firms are encouraged to establish manufacturing units within India’s plug-and-play industrial corridors, while Indian companies are invited to expand investments into Russian regional economies.
Enhancements in Freight Logistics via International North South Transport Corridor
Bilateral cooperation expanded during high-level diplomatic discussions held alongside major international 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. The leaders reaffirmed their dedication to strengthening the Special and Privileged Strategic Partnership amid changing global trade dynamics.
Official ministries and trade promotion agencies will sustain joint working groups to eliminate tariffs and non-tariff barriers. Detailed updates on regulations, bilateral trade figures, and investment project progress will be available through government portals. Periodic meetings of joint steering committees will evaluate progress toward the 2030 commercial objectives.