India-Russia Bilateral Trade to Hit $100 Billion Before 2030: PM Modi

Prime Minister Narendra Modi declared that India and Russia will achieve their ambitious $100 billion bilateral trade goal before 2030, thanks to accelerating momentum and deep collaboration.​

Surging Trade Momentum

Bilateral trade hit around $64 billion last year, up 12% from prior levels, fueled by Russia’s crude oil exports to India. Over three years, trade has surged nearly 80%, though India grapples with a $59 billion deficit. Modi noted this progress positions both nations ahead of schedule at the recent India-Russia Business Forum in New Delhi.​

Focus on Key Sectors

Talks spotlighted partnerships in energy, defense, space, advanced manufacturing, and electric vehicles. Leaders pushed for quicker investment agreements and a Free Trade Agreement with the Eurasian Economic Union. Using national currencies for payments aims to ease transactions and cut costs.​​

Long-Term Strategic Ties

Following PM Modi’s meetings with President Vladimir Putin, the duo celebrated 25 years of strategic partnership. Putin urged Russian companies to ramp up imports from India in pharmaceuticals, agriculture, and textiles to balance trade flows. These steps promise mutual economic gains amid global shifts.​​