India and Russia are moving decisively towards reaching a bilateral trade target of $100 billion by 2030, Indian Ambassador to Russia Vinay Kumar said on Monday. Speaking to PTI on the occasion of India’s 77th Republic Day, Kumar described the past year as a particularly active phase in India-Russia relations, marked by high-level engagements and expanding economic cooperation.
He noted that the recent visit of Russian President Vladimir Putin to New Delhi further strengthened confidence in achieving the ambitious trade goal. According to Kumar, efforts are underway to diversify the trade basket by identifying new sectors, while a proposed free trade agreement is expected to play a key role in accelerating growth.
Bilateral trade has already seen significant expansion, with new opportunities emerging in fertilisers, agriculture, engineering goods, and energy. Reports indicate that India-Russia trade touched a record $68.7 billion in FY 2024-25, largely driven by increased imports of Russian crude oil.
The ambassador also highlighted the growing use of national currencies in trade transactions, a trend expected to deepen as economic ties strengthen further. Addressing the Indian community in Moscow, Kumar emphasised that relations between New Delhi and Moscow are currently in an “active and result-oriented” phase.
During the India-Russia Business Forum held alongside President Putin’s visit, Prime Minister Narendra Modi expressed confidence that the $100 billion trade target would be achieved ahead of schedule. Modi also invited Russian businesses to invest in India and participate in the ‘Make in India’ initiative.
