Deputy Prime Minister Denis Manturov seen in intensive conversation with EAM S Jaishankar

Russia is ambitiously aiming to boost bilateral trade with India to USD 100 billion by 2030, emphasising the need for diversification of products, enhanced investment cooperation, and strengthened industrial partnerships.

The announcement comes from Russian First Deputy Prime Minister Denis Manturov ahead of the Russian President’s visit to India.

Manturov described the USD 100 billion target as “truly ambitious,” requiring coordinated efforts among governments, businesses, and financial institutions from both countries. He highlighted the importance of improving the quality and structural composition of bilateral trade to realise this milestone.

To facilitate this, Russia is actively supporting business communities by fostering a favourable climate and necessary conditions for expanding cooperation. The Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation plays a pivotal role in this process by regularly convening to discuss investment projects and enhancing frameworks.

Industrial cooperation forms the cornerstone of this growing partnership. Manturov pointed to successful joint ventures, such as the manufacturing of Vande Bharat trains in India, as examples of productive collaboration. He further noted ongoing negotiations for a Free Trade Agreement (FTA), with the first round held recently in New Delhi, to streamline regulatory frameworks and boost trade facilitation.

Despite facing extensive Western sanctions, Russia’s trade relationship with India has not only sustained but flourished. Manturov underlined that over the last five years, bilateral trade turnover has surged sevenfold, underscoring the resilience and adaptability of both nations amid global challenges.

Key sectors of joint industrial projects include mechanical engineering, metallurgy, mining, chemicals, pharmaceuticals, information technology, and aircraft manufacturing. Russia is expanding exports of mineral fertilisers, machinery, equipment, and metallurgical products to India, while importing agro-industrial goods, chemicals, raw industrial materials, and components from India.

Manturov criticised Western sanctions as unilateral and unlawful attempts aimed at crippling Russia's economic growth, which have disrupted international production and logistics chains. However, he credited the active cooperation between Indian and Russian governments and the dynamism of the business sectors for maintaining and even elevating trade levels.

Looking ahead, Russia intends to further diversify the bilateral trade portfolio and systematically expand the product range to respond to demand on both sides. The removal of logistical and financial barriers alongside deepening technological and investment partnerships will be crucial to attaining the ambitious USD 100 billion trade volume.

By reinforcing collaborative ties across multiple industries and strengthening institutional frameworks like the Intergovernmental Commission, Russia and India are positioning themselves to achieve their shared economic vision, further insulating the partnership from external geopolitical disruptions and sanctions.

Based On ANI Report