India‑Russia aim for $100B trade by 2030 during Putin's visit
What's the story
India and Russia are gearing up to strengthen their trade ties with a special business forum scheduled for December 4-5. The event coincides with Russian President Vladimir Putin's visit to India. Both countries have set an ambitious target of achieving $100 billion in bilateral trade by 2030. The forum will focus on several key areas including enhancing the presence of Indian engineering goods in Russia, boosting food exports from India, and exploring digital service opportunities.
Strategic focus
Forum to enhance industrial cooperation and digital services
The India-Russia Business Forum will look at increasing Russian imports of Indian pharmaceuticals and boosting industrial cooperation. The agenda includes expanding Indian supplier presence in Russia, implementing joint projects, and increasing high-tech cooperation. A dedicated session will be held on enhancing the Indian workforce in Russia as both sides prepare to sign a mobility agreement.
Healthcare partnership
India-Russia collaboration in pharmaceuticals and healthcare
The forum will also focus on strengthening India-Russia cooperation in pharmaceuticals and healthcare. The agenda includes increasing supplies of Indian medicines and medical devices to Russia, localizing production by Indian firms in Russia, and jointly setting up modern pharmaceutical and MedTech manufacturing facilities. Policy, investment, and regulatory frameworks needed to promote joint innovation will also be discussed at the forum.
Tech collaboration
India-Russia cooperation in AI and digital technologies
As India and Russia step up their engagement in emerging technologies, the forum will focus on identifying areas for cooperation in AI and digital technologies. The aim is to map shared priorities, understand complementary strengths, and explore avenues for joint exploration. This strategic partnership seeks to leverage India's expertise in digital public infrastructure and applied AI solutions with Russia's strength in scientific research and secure communication technologies.
Export expansion
Forum to explore new export opportunities for Indian businesses
The forum will also explore new export opportunities for Indian businesses. This comes as Russia and other members of the Eurasian Economic Union (EAEU) bloc are promising market diversification options amid US tariffs. In FY25, India's imports from Russia were worth $63.84 billion while exports stood at $4.88 billion, widening the trade deficit to about $59 billion. New Delhi has been stressing that addressing this deficit should be a priority.