India-Russia trade is currently worth USD 66 billion, with expectations of reaching USD 100 billion by 2030, according to External Affairs Minister (EAM) S. Jaishankar. Speaking at the India-Russia Business Forum in Mumbai, Jaishankar emphasised the continuous increase in bilateral commerce, emphasising that the ambitious goal is realistic and doable.
The USD 100 billion objective, set during the annual meeting in July 2024, reflects the two countries’ growing economic cooperation. However, Jaishankar emphasised the importance of addressing trade imbalances, regulatory impediments, and non-tariff barriers in order to ensure more equitable trade. He remarked that a balanced commercial relationship will benefit both countries while also increasing mutual trust.
Jaishankar emphasised the need of local currency trade settlements, such as Special Rupee Vostro Accounts, in fostering financial integration. He also emphasised the importance of critical connectivity initiatives, such as the International North-South Transport Corridor, Chennai-Vladivostok Maritime Corridor, and Northern Maritime Route, in enabling smooth logistics.
The session, organised by FICCI and Russia’s Business Council for Cooperation with India, was attended by Russia’s First Deputy Prime Minister Denis Manturov, who shared Jaishankar’s views on strengthening trade ties.
