India and Russia Set Ambitious $100 Billion Trade Target by 2030

India and Russia have committed to increasing their annual trade volume to USD 100 billion by 2030. During Prime Minister Narendra Modi's visit to Russia, nine agreements were signed to expand cooperation, particularly in the economic sector. Both nations emphasized the development of a bilateral payment settlement mechanism using national currencies and enhanced cooperation in energy and manufacturing sectors.

In a significant move to bolster economic ties, India and Russia have set a target to achieve a USD 100 billion annual trade volume by 2030. This ambitious goal follows summit talks between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin, which also saw the signing of nine agreements aimed at deepening cooperation in various sectors.

Prime Minister Modi's two-day visit to Russia, his first since the outbreak of the Ukraine war, focused heavily on economic engagement. Foreign Secretary Vinay Kwatra highlighted that discussions included boosting 'Make in India' initiatives and expanding market access for Indian goods in Russia.

The summit also underscored the importance of a bilateral payment settlement system using national currencies and further collaboration in energy, particularly in areas such as nuclear energy and oil refining. Officials from both nations have been directed to explore the possibility of a free-trade agreement in services and investments.

(With inputs from agencies.)