India and Russia have set a bilateral trade target of 100 billion by 2030, with current trade at around 60 billion. The two countries are also pursuing a new Bilateral Investment Treaty and a bilateral investment target of $50 billion by 2030.
India-Russia Economic Partnership
India and Russia discussed expanded industrial cooperation in New Delhi in September 2026 ahead of the 18th BRICS Summit. The agenda covered railways, the steel value chain, civil nuclear energy, critical minerals, advanced manufacturing, pharmaceuticals, information technology, artificial intelligence, services, engineering, and auto components.
INNOPROM India 2026
INNOPROM India 2026 was held in New Delhi around 10–11 September 2026. The exhibition brought together India’s Commerce and Industry Minister Piyush Goyal and Russia’s Industry and Trade Minister Anton Alikhanov for discussions on industrial and trade cooperation.
Defence and Energy Cooperation
India and Russia also discussed defence cooperation, including S-400 deliveries, BrahMos upgrades, and talks on joint production of Su-57 fighter jets. Energy cooperation covered oil and gas supplies, fertiliser procurement, and a possible second site for Russian-constructed nuclear power plants in India.
Important Facts for Exams
- BRICS is a grouping of Brazil, Russia, India, China, and South Africa.
- The S-400 Triumf is a Russian long-range surface-to-air missile system.
- BrahMos is a supersonic cruise missile developed jointly by India and Russia.
- A Bilateral Investment Treaty is a legal agreement that protects investments between two countries.
Trade Diversification
India has sought higher exports to Russia in pharmaceuticals, textiles, engineering goods, and food products. The trade target requires an additional $40 billion over the next four years to reach the 2030 level.
