India and Russia target ₹10 trillion bilateral trade by 2030, says Indian Envoy

International Desk (Moscow)

India and Russia are moving steadily towards strengthening their bilateral trade relations, with a target of achieving ₹10 trillion in trade volume by 2030, according to Indian Ambassador to Russia Vinay Kumar.

Speaking at Russia’s 77th Republic Day celebrations, Ambassador Kumar said that trade between the two nations witnessed significant growth in the last financial year, particularly in sectors such as fertilizers, agriculture, engineering and energy.

He emphasized that a Free Trade Agreement (FTA) would make it easier for both countries to achieve this ambitious target.

“The two countries are actively exploring new products and new sectors to expand economic cooperation,” he said.

Earlier, Prime Minister Narendra Modi had urged Russian industrialists to participate in India’s ‘Make in India’ initiative, expressing confidence that the bilateral trade target could be achieved well before 2030.

According to official figures, India imported crude oil worth nearly ₹6,870 crore from Russia in the previous financial year. This comes amid claims by the United States that India is gradually reducing its dependence on Russian oil.

Diplomatic experts believe that despite global geopolitical pressures, India-Russia strategic and economic ties remain strong and are likely to grow further in the coming years.

This renewed economic partnership also carries significant geopolitical implications at a time of shifting global alliance.