India-Russia trade reaches historic high of $66 billion in 2024, eyes $100 billion by 2030

Bilateral trade between India and Russia hit a historic high of $66 billion in 2024, marking a five-fold increase over the past five years. The trade also jumped 9% in the first eight months of the year, a senior Russian diplomat said at an interactive session with the members of the Bharat Chamber of Commerce (BCC).

The two countries are on course to meet their ambitious $100 billion trade target by 2030, supported by expanding collaborations and diversified trade opportunities.

Recent discussions between Prime Minister Narendra Modi and Russian President Vladimir Putin “on the possibilities of diversifying trade in various sectors make the target of $100 billion by 2030 an achievable one,” Russian Consul General in Kolkata, Maxim V. Kozlov remarked on Wednesday.

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

"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 said.

The officials also discussed emerging opportunities for Indian firms in Russia, especially after Western businesses withdrew from the country following the Ukraine war.

The Russian Consul also emphasised the need to enhance cooperation in key markets including urban development, Artificial Intelligence (AI), robotics and im[erative metals such as cobalt, lithium and nickel. These pivotal areas are essential for next-generation industries, BCC said in a statement.

"The goal is to move beyond raw material trade and emerge as global leaders in technology-driven sectors," Kozlov remarked.

BCC senior vice-president Naresh Pachisa requested Kozlov to take the initiative to set up a trade desk at the Consulate General of the Russian Federation in Kolkata, in the face of emerging investment and trade opportunities.

"This will play a pivotal role in facilitating business networks between Indian businesses and their Russian counterparts," Pachisa said.