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At the India-Russia Business Forum 2026 at Bharat Mandapam, New Delhi, on 11 September 2026, the two sides reaffirmed a goal of $100 billion in bilateral trade by 2030.
They also set a target of $50 billion in two-way investment by 2030 and are fast-tracking a new Bilateral Investment Treaty.
Trade stands at about $60 billion, so reaching the target means adding roughly $40 billion in four years with sustained double-digit growth.
Commerce Minister Piyush Goyal pushed MSME exports in pharmaceuticals, auto components, tractors, chemicals and food products, and better connectivity via INSTC and the Chennai-Vladivostok Maritime Corridor.
India, Iran and Russia sign the agreement for the International North-South Transport Corridor
22nd India-Russia Annual Summit, Moscow: leaders set the $100 billion trade target for 2030 and agree to develop national-currency settlement
Goyal pushes the $100 billion target at INNOPROM India 2026, New Delhi
India-Russia Business Forum adds a $50 billion investment target and a fast-tracked BIT
18th BRICS Summit, New Delhi
Leads India's trade and investment negotiations, including the BIT
Russian counterpart for industrial and trade cooperation
Grouping whose 2026 summit India hosts; the forum was held on its sidelines
Multimodal ship-rail-road route linking India to Russia via Iran; cuts transit time compared with the Suez route.
Sea route linking India's east coast with Russia's Pacific port of Vladivostok, cited as a second connectivity channel.
A treaty protecting investors of each country in the other; India began terminating its older BITs in 2016-17 after adopting a new Model BIT in 2015.
GS Paper II > India and its neighbourhood/major powers - bilateral relations
General Awareness > International relations; economy
An agreement between two countries setting rules for the protection and treatment of investments made by each other's investors
International North-South Transport Corridor - a multimodal corridor linking India, Iran, Central Asia and Russia
Paying for bilateral trade in rupees and roubles instead of a third currency such as the US dollar