India-Russia trade hits $66 billion in 2024; target of $100 billion by 2030 on track

NEW DELHI : Bilateral trade between India-Russia reached a record USD 66 billion in 2024, marking a fivefold increase over the past five years, with a 9 per cent rise in the first eight months of this year.

The envoy said Russia and India are on track to achieve the ambitious $100 billion trade target by 2030, bolstered by expanding collaborations and diversified trade opportunities.

“The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one,” said Maxim V. Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC).

“India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and enduring,” Kozlov added.

Key sectors identified for enhanced cooperation include railways, pharmaceuticals, information technology, aviation, and cybersecurity.

Officials also highlighted emerging opportunities for Indian businesses in Russia, particularly after the withdrawal of Western brands following the Ukraine conflict. BCC, in a statement, said Kozlov also emphasised the need to deepen collaboration in critical areas such as Artificial Intelligence (AI), robotics, urban development, and critical metals like lithium, cobalt, and nickel, which are essential for next-generation industries.

“The goal is to move beyond raw material trade and emerge as global leaders in technology-driven sectors,” he added.

BCC senior Vice-President Naresh Pachisia requested Kozlov to initiate the setting up of a trade desk at the Russian Federation in Kolkata, given the emerging trade and investment developments. “This will play a pivotal role in facilitating business networks between Indian businesses and their Russian counterparts.” he added.