India, Russia Aim to Boost Bilateral Trade to $100 Billion by 2030, Says Jaishankar

India and Russia are strengthening economic and energy ties, targeting $100 billion in bilateral trade by 2030 while expanding cooperation in nuclear energy and strategic sectors.

March 24 | New Delhi India and Russia are set to deepen their long-standing strategic partnership, with External Affairs Minister S. Jaishankar announcing an ambitious target to increase bilateral trade to $100 billion by 2030. Speaking at a conference via video conferencing, Jaishankar highlighted that the current trade volume, estimated at around $68.7 billion, is expected to grow significantly through the removal of tariff and regulatory barriers. He emphasised that the India-Russia relationship extends beyond traditional trade, evolving into a robust energy partnership. In particular, cooperation in the civil nuclear sector remains a cornerstone of the bilateral ties. Jaishankar noted that Russia has been a leading partner in India’s nuclear energy development, citing the Kudankulam Nuclear Power Plant as a key example of successful collaboration.

India has set an ambitious goal of expanding its nuclear power generation capacity to 100 gigawatts by 2047. In this context, Russia is expected to play a crucial role in supporting India’s clean energy transition and ensuring energy security through peaceful uses of nuclear technology. The minister also underlined that the strong foundation of trust and mutual respect has enabled both nations to maintain a “special and privileged strategic partnership,” even amid evolving global geopolitical dynamics. Frequent high-level exchanges have further reinforced cooperation across sectors such as healthcare, food security, maritime collaboration, fertilisers, skilled workforce mobility and customs.

Jaishankar referred to Russian President Vladimir Putin’s visit to India in December 2025 as a significant milestone that expanded the scope of bilateral engagement. Additionally, new consulates in Kazan and Yekaterinburg are expected to strengthen economic, cultural and social ties between the two countries. As India assumes the BRICS presidency this year, Jaishankar reiterated a people-centric approach, expressing confidence that India and Russia will continue to collaborate in addressing shared global challenges.

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