India-Russia bilateral trade has grown significantly and stands at double the 2023 target of USD 30 billion
Trade between India and Russia is set to get a boost in the coming years with Indian Prime Minister Narendra Modi and Russian President Vladimir Putin agreeing to set the target for bilateral trade at USD 100 billion by 2030.
 
Meeting in Moscow for the 22nd India-Russia Annual Summit on Tuesday (July 9, 2024), the two leaders expressed satisfaction at the significant growth in bilateral trade which stood at double the 2023 target of USD 30 billion. “Aiming to further accelerate and sustain the growth in bilateral trade, the Leaders agreed to set the bilateral trade target of USD 100 billion by 2030,” the Joint Statement issued after the talks said.
 
The two sides also expressed interest in expanding cooperation in the field of communication technologies, including telecommunications, satellite communications, digitalization of public administration and the urban environment, mobile communications, and information security.
 
Aiming High: Programme-2030
 
A significant outcome of the deliberations between the two sides was the decision to prepare a Programme for the development of promising areas of Russian-Indian economic cooperation till 2030, or Programme-2030. According to the Joint Statement, both sides reaffirmed readiness to contribute to the implementation of the initiatives, projects, measures and activities provided for by Programme-2030. 
 
This initiative is guided by the desire of Prime Minister Modi and President Putin to provide an additional impetus to the deepening of the trade and economic cooperation and guided by the intention to maintain the trend of dynamic growth in trade of goods and services between the two states and the desire to ensure a significant increase in its volume.
 
During the talks, India and Russia also:
 
Agreed to continue working together to promote bilateral settlement system using national currencies. 
 
Confirmed their mutual aspiration for the strengthening of manufacturing cooperation in the fields of transport engineering, metallurgy, chemical industry and other sectors of mutual interest. 
 
Emphasised the importance of expanding reciprocal trade flows of industrial products and increasing their share in bilateral trade.
 
Stressed the need to increase Indian exports to Russia through strengthening industrial cooperation, forging new technological and investment partnerships, especially in advanced high-technology areas and finding new avenues and forms of cooperation.
 
Welcomed the first ever India-Russia Investment Forum and the 7th meeting of Working Group on Priority Investment Projects in April 2024 in Moscow where the two sides agreed to facilitate participation of Russian businesses in "Make in India” and "Atmanirbhar Bharat” Programmes and that of Indian companies in investment projects in Russia. 
 
Trade Ties with the Russian Far East 
 
The two sides signed a Memorandum of Understanding (MoU) for a programme of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East for the period from 2024 to 2029 as well as of cooperation principles in the Arctic zone of the Russian Federation.
 
The objective is to facilitate further increase in trade and joint investment projects between the Far East Region of Russia and India.
 
Additionally, the Russian side has invited interested Indian investors to implement high-tech investment projects within the framework of the Territories of Advanced Development in the Russian Far East. 
 
Another significant outcome of the bilateral talks is the Joint Investment Promotion Framework Agreement between Invest India and JSC "Management Company of Russian Direct Investment Fund”. This will seek to facilitate investment by Russian companies in the Indian market by promoting and fostering investment cooperation.