India, Russia Set Roadmap on Trade Target

(MENAFN) India and Russia are working on a comprehensive framework to raise bilateral trade volumes to $100 billion by 2030, according to New Delhi’s envoy in Moscow.

Official figures show that commerce between the two nations has surged more than six times in the past two years, surpassing $65 billion in 2024. “We just agreed between the two countries a strategic economic plan for 2030,” India’s ambassador to Russia, Vinay Kumar, stated during the XVI Russian-Indian Business Dialogue in Moscow on Tuesday.

The plan is sufficiently detailed to “identify the various sectors we need to work and also mention the institutions and the agencies which have to deliver on that and also do the monitoring,” Kumar explained.

The target was initially set during Prime Minister Narendra Modi’s visit to Russia last year. Earlier this month, President Vladimir Putin’s trip to New Delhi resulted in the signing of a dozen memoranda covering infrastructure, energy, pharmaceuticals, and media.

Senior officials at the Moscow dialogue emphasized Russia’s interest in broadening and diversifying trade with India, which is currently concentrated in energy and defense. Sergey Cheryomin, head of the Department of Foreign Economic and International Relations of the City of Moscow, highlighted India’s Smart City program as a promising area for collaboration.

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