India and Russia aim to boost their economic partnership with a target of $100 billion in bilateral trade and $50 billion in mutual investments by 2030. This announcement was made by India’s commerce and industry minister, Piyush Goyal, on Thursday. To facilitate this growth, the two nations are expediting discussions on a new bilateral investment treaty (BIT).
He was speaking at the India-Russia Business Dialogue 2026 in New Delhi where his Russian counterpart Anton Alikhanov was also present.
Quoting Prime Minister Narendra Modi , he said, “The greatest strength of India-Russia relation lies in trust” and reiterated the goal the Leaders of the two-country set to achieve by 2030.
Energy is India’s key import from Russia. Bilateral trade reached a record $68.7 billion in 2024-25, before falling to around $60 billion in 2025-26, according to government data. Indian exports to Russia were less than $5 billion, while Russian exports to India exceeded $55 billion. Meat and meat products more than doubled from $36 million to $97 million, while fish and aquatic products rose from $123 million to $159 million. Exports of edible vegetables increased from $38 million to $54 million, while coffee, tea and spices rose 13% to $116 million. Alexander Vedyakhin, first deputy chairman of the executive board of Sberbank, said the bank had been present in India for more than 14 years and was able to process bilateral payments quickly. Sberbank is Russia’s largest bank, with more than 110 million retail clients and 3.5 million corporate customers.
Goyal said India had recently seen a surge in exports of some products to Russia. Exports of products of the milling industry also nearly doubled, he said. “Now, I can say that there are almost no barriers for bilateral trade between Russia and India,” he said, adding that the system facilitates payments in the respective national currencies. CII president R Mukundan said India, as one of the world’s fastest-growing major economies with strong macroeconomic fundamentals, could become a major investment destination for Russian manufacturing. Vikramjit Singh Sahney, chairman of Sun International, said Russia had been India’s “most dependable” defence partner for decades.
India Seeks to Address Trade Deficit with Russia
During the valedictory session of the India-Russia Business Dialogue, Indian ministers highlighted concerns regarding the significant trade deficit with Russia. The discussion focused on strategies to narrow this gap by boosting exports of key Indian goods, including agricultural products, pharmaceuticals, and textiles. A government official, who wished to remain anonymous, confirmed these details following the bilateral meeting.
