India, Russia aim for $100bn trade by 2030

India and Russia are steadily moving toward achieving a bilateral trade target of $100 billion by 2030, with efforts underway to diversify trade and expand economic cooperation, India’s Ambassador to Russia Vinay Kumar said on Monday.

Speaking to PTI on the occasion of India’s 77th Republic Day, Kumar said the past year had been particularly active for India–Russia relations, highlighted by a successful visit by Russian President Vladimir Putin. He said reaching the $100 billion trade goal was well within reach.

Kumar noted that steps are being taken to broaden the trade basket, including identifying new products, and said a proposed free trade agreement would further support the target. Trade has already expanded into new areas such as fertilisers, agriculture and engineering goods.

According to reports, bilateral trade between India and Russia reached a record $68.7 billion in the 2024–25 financial year, driven largely by increased imports of Russian crude oil.

The ambassador said a growing share of trade is now being conducted in the two countries’ national currencies, a trend expected to continue as economic ties deepen.

Earlier, addressing the Indian community at the embassy in Moscow, Kumar described bilateral relations as being in an active and result-oriented phase.

During Vladimir Putin’s visit to New Delhi last month, Indian Prime Minister Narendra Modi said he was confident the $100 billion trade target would be met ahead of schedule. Speaking at the India–Russia Business Forum alongside Putin, Modi encouraged Russian companies to invest in India and take part in the Make in India initiative.