In July 2024, during the 22nd India-Russia Annual Summit, leaders from both countries came together to discuss their economic relationship. They agreed on an important goal: to increase their trade to $100 billion by the year 2030. This means they want to buy and sell more goods and services with each other.
In addition to setting this goal, the leaders also held meetings in December 2025. During these talks, they focused on how to make trade easier. They wanted to remove barriers that make it hard to trade between the two countries. They also looked for ways to improve transportation and connections. These efforts are important because they help countries trade better and faster.
In 2025, India took a big step to make trade easier with Russia. The Indian government identified 300 products. These products include medicines and farming goods. By focusing on these items, India hopes to export them to Russia more easily. Making it simpler to trade these goods can help Indian businesses grow and sell more products abroad.
Russia also shared good news. They reported that bilateral trade, which is trade between Russia and India, reached $66 billion in 2024. This is a very high number. To help you understand, it is five times more than it was five years ago. This shows that trade between the two countries has grown a lot in recent years.
India’s Prime Minister, Narendra Modi, is very optimistic about reaching the $100 billion target. He believes India and Russia can achieve this goal even before 2030. His confidence is based on the progress they have already made. The Indian government is working hard to make this happen.
In January 2026, India’s ambassador spoke about plans to expand trade even further. The plans include adding more products to the list of goods traded between the countries. They are also looking for new ways to work together, such as sharing new technology or finding better ways to move goods. These efforts can help both India and Russia grow their economies and create more jobs for people.
Both countries are hopeful about their partnership. India has invited Russian businesses to work together. They want Russian companies to invest and participate in India’s economy. This kind of collaboration can lead to new businesses and more jobs for people in both countries.
However, some important agreements still need to be made. For example, a free trade deal, which would allow goods to be traded without extra taxes or tariffs, has not yet been confirmed. This deal could make trading even easier and cheaper.
Another area of potential partnership is using national currencies in trade. Currently, countries often need to use a third currency, such as the US dollar, to buy and sell goods. Both countries are interested in using their own currencies for trade. This could reduce costs and make transactions faster.
Although not all plans are finished, both India and Russia are working hard to improve their relationship. Their partnership is not only about increasing trade, but also about building trust and cooperation. Strong relationships between countries can lead to many benefits, such as political stability and shared growth.
Overall, this partnership is very important for both India and Russia. By working together, they can help each other grow economically. They can also strengthen their friendship and work toward common goals. With continued effort and cooperation, they hope to reach their trade goal and enjoy many benefits in the future.
