India and Russia Aim to Exceed $100 Billion in Bilateral Trade by 2030

India and Russia have set an ambitious target of crossing $100 billion in bilateral trade by 2030. The goal marks a shift in ties beyond traditional energy and defence, moving toward deeper cooperation in industry, technology, and infrastructure between the two countries. 

Narendra Modi Meets Vladimir Putin at BRICS Summit

During their meeting, Prime Minister Narendra Modi and President Vladimir Putin discussed ways to widen economic cooperation between the two nations. The $100 billion trade target remained a central point of conversation. India also pushed for more Russian investment and better market access for Indian goods, while Commerce Minister Piyush Goyal stressed on speeding up progress, pointing to opportunities for Indian pharmaceuticals, auto parts, and food products in Russia.

INNOPROM India 2026 Industrial Exhibition

The first INNOPROM India 2026 exhibition, held in New Delhi around 10–11 September 2026, served as a platform to boost business ties between Indian and Russian companies. It aimed to create fresh business-to-business opportunities and supported wider talks on expanding Indian exports to Russia.

India-Russia Collaboration in the Railway Sector, Tunnelling, and Infrastructure

Both countries are exploring deeper cooperation in railways, tunnelling, and steel manufacturing. Ongoing discussions include the Vande Bharat project and modern signalling systems. Talks have also touched upon mining, aluminium, critical minerals, and industrial machinery, along with a dedicated push to build an integrated steel value chain covering technology and research.

Nuclear Cooperation

Civil nuclear energy is set to be another key focus area. India and Russia are looking to strengthen ties across the entire nuclear fuel cycle and offer long-term support for nuclear power projects, along with greater local manufacturing participation.

The two nations are considering ways to increase the movement of skilled Indian workers to Russia. Additionally, they are working on partnerships in critical minerals such as rare earths, lithium, and titanium, helping India diversify its supply sources for high-technology industries.

Strategic Joint-Venture Projects and Fertiliser Supplies

Fertiliser trade remains vital, as Russia supplied nearly 6 million tonnes of mineral fertilisers to India last year, with shipments rising further in 2026. Both sides are now planning joint-venture projects to secure long-term fertiliser supplies, while Russian firms are also exploring setting up joint production units within India.

Cooperation in Mobility and Skilled Labour

The two nations are considering ways to increase the movement of skilled Indian workers to Russia. Additionally, they are working on partnerships in critical minerals such as rare earths, lithium, and titanium, helping India diversify its supply sources for high-technology industries.