India and Russia have set an ambitious goal to boost bilateral trade to over USD 100 billion by 2030. This decision was announced during the 22nd Annual Bilateral Summit held in Moscow between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin.
The target of exceeding USD 100 billion in bilateral trade by 2030 reflects a significant increase from the current level. The two countries plan to enhance cooperation in various sectors, including energy, agriculture, infrastructure, and the digital economy.
There’s an emphasis on using national currencies (Indian Rupee and Russian Ruble) for trade settlements, potentially reducing reliance on the US dollar.
Both nations aim to reinvigorate investment activities within the framework of special investment regimes. The agreement includes efforts to expand and optimize trade routes, such as the International North-South Transport Corridor.
