Mumbai, Aug 27: India and Russia are looking to further strengthen their economic partnership, with cooperation expected to expand across several sectors as both countries work towards achieving $100 billion in bilateral trade by 2030.
Russian Deputy Consul General Aleksandr Fursov said the relationship between the two countries has significant scope for further growth across different areas of cooperation. He was speaking ahead of the second edition of the Global Impact Forum, scheduled to be held in Mumbai in September.
The two countries have set an ambitious target to increase bilateral trade and make economic ties more balanced. Their cooperation covers areas including trade, energy, investment, technology and other sectors.
India-Russia trade stood at around $59.86 billion in 2025-26, compared with a record $68.7 billion in the previous financial year, highlighting the scale of the economic relationship.
Both sides are also working to address practical challenges that can affect trade, including payment arrangements, logistics, insurance and other trade-related barriers. Efforts to facilitate transactions through national currencies are part of the broader push to make business between the two countries smoother.
The two countries are also exploring wider trade opportunities through negotiations between India and the Russia-led Eurasian Economic Union. The talks on a proposed free trade agreement have reached an advanced stage, which could create additional opportunities for businesses and improve market access.
For businesses in both countries, stronger economic cooperation could open opportunities in new markets, encourage investment and support greater movement of goods and services.
With both sides continuing to focus on removing trade hurdles and expanding cooperation, the India-Russia economic partnership is expected to remain an important area of bilateral engagement in the years ahead.
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