India, Russia Outline Plan to Elevate Trade
In the past two years, trade between the nations has surged more than six times, surpassing $65 billion in 2024, based on official assessments.
“We just agreed between the two countries a strategic economic plan for 2030,” India’s ambassador to Russia, Vinay Kumar, stated during the XVI Russian-Indian Business Dialogue held in Moscow on Tuesday.
The strategic plan provides sufficient detail to “identify the various sectors we need to work and also mention the institutions and the agencies which have to deliver on that and also do the monitoring,” Kumar added, highlighting the organized approach for implementation.
During Prime Minister Narendra Modi’s visit to Russia last year, both countries established the goal of expanding trade to $100 billion by 2030. Additionally, Russia and India inked a dozen memoranda covering infrastructure, energy, pharmaceuticals, and media sectors during President Vladimir Putin’s visit to New Delhi earlier this month.
At this week’s business dialogue in Moscow, top officials emphasized Russia’s interest in broadening and diversifying trade with India, which currently focuses largely on energy and defense.
Sergey Cheryomin, head of the Department of Foreign Economic and International Relations of the City of Moscow, pointed to India’s Smart City program as a promising area for collaborative efforts.
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