India and Russia are stepping up efforts to expand bilateral trade as both countries pursue an ambitious target of USD 100 billion in trade by 2030. The India-Russia trade relationship currently stands at around USD 60 billion. Both governments are working to strengthen economic cooperation across multiple sectors.
Kremlin spokesman Dmitry Peskov reaffirmed Russia’s commitment to expanding commercial ties with India during the 12th Primakov Readings international academic and expert forum.
He said both countries continue to witness steady growth in bilateral trade. He added that Russia will continue working with India to further increase trade volumes.
India-Russia trade continues upward trajectory
The India-Russia trade partnership has strengthened considerably in recent years despite global geopolitical and economic challenges. During Russian President Vladimir Putin’s visit to India in December last year, both countries agreed to raise bilateral trade to USD 100 billion by 2030.
Peskov described India as one of the world’s fastest-growing economies. He said the country offers enormous opportunities across several sectors.
He also described India and Russia as trusted strategic partners with a long-standing relationship based on mutual respect and cooperation. “Our relationship continues to grow through strong economic engagement and participation in various international organisations,” Peskov said.
Economic cooperation expands across sectors
The India-Russia trade partnership extends beyond traditional sectors such as energy and defence.
Both countries are increasing cooperation in manufacturing, pharmaceuticals, technology, agriculture and infrastructure development.Trade experts believe stronger commercial engagement will create new opportunities for businesses in both countries.
The growing partnership also supports supply chain diversification and encourages greater investment flows. Officials expect bilateral trade to expand further through increased market access and stronger industrial collaboration.
Strategic partnership remains strong
Peskov described India as one of the world’s largest countries with remarkable economic progress. He praised Prime Minister Narendra Modi for leading India’s rapid economic and social development over the past two decades.
He said India has made significant progress in strengthening its economy and improving overall development indicators. Russia considers India one of its most important international partners.
The two countries continue to work closely through platforms such as BRICS, the Shanghai Cooperation Organisation and other multilateral forums.
Trade target reflects long-term confidence
Analysts believe the India-Russia trade target reflects growing confidence in the long-term economic relationship between the two countries. The expanding partnership is expected to strengthen investment, improve industrial cooperation and support sustainable economic growth.
Experts also believe stronger trade ties will create fresh opportunities for exporters, manufacturers and businesses in both markets. With both governments committed to deeper engagement, the India-Russia partnership is expected to remain an important pillar of India’s global trade strategy in the coming years.
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