India and Russia have reaffirmed their commitment to strengthening strategic and economic ties, with both nations setting a bilateral trade target of US$ 100 billion (₹9,000 billion) by 2030. During the India-Russia Business Forum in New Delhi, Prime Minister Narendra Modi stated that the two countries are confident of achieving the target ahead of schedule, citing the ongoing momentum in trade and diplomatic engagement.
Key Highlights of the Partnership
- Commitment to enhancing bilateral economic cooperation
- Strong trade growth momentum supported by policy-level engagement
- Focus on deepening strategic, technological, and industrial collaboration
Trade & Market Developments
India and Russia are currently working on:
- A simplified and predictable trade mechanism
- More streamlined processes for business operations
- Exploratory discussions on a Free Trade Agreement (FTA)
The proposed FTA is expected to further accelerate trade, expand market access, and enable stronger sectoral linkages between the two economies.
Emerging Areas of Collaboration
Both countries are advancing into a new cooperation phase centered on:
- Electric Vehicle (EV) manufacturing
- Automotive components
- Wireless mobility technologies
- Co-production and co-creation models in innovation-driven sectors
India’s growing skilled workforce and manufacturing capabilities are expected to play a key role in meeting global demand in these industries.
Tourism and Mobility Initiatives
To further encourage bilateral engagement, India and Russia have simplified their respective tourist visa processes. This measure is expected to:
- Improve people-to-people connectivity
- Boost tourism and business travel
- Create new employment and investment opportunities
The strengthened roadmap underscores a long-term vision for expanded trade, innovation-led partnerships, and deeper economic integration between India and Russia over the coming years.
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