Trade between India and Russia reached $38 billion in the first half of this year and is on track to reach the $100 billion annual target set for 2030, Indian Ambassador to Russia Vinay Kumar has said.

“We think we are on the right path to achieve the target,” Kumar told The Tribune newspaper on the sidelines of the second Russia-India TIME Business Forum in Kazan on Thursday. He said India was sourcing energy and fertilizers from Russia while exporting pharmaceuticals and expanding opportunities for skilled workers.

The two countries are making a concerted effort to diversify trade and deepen economic ties, with Indian Prime Minister Narendra Modi and Russian President Vladimir Putin giving personal attention to the relationship. The Kazan forum, in the Russian Republic of Tatarstan, follows the INNOPROM.India trade fair held in New Delhi last month.

The $100 billion trade target was set during Modi’s visit to Moscow in July 2024.

15 октября 2026 года в Казани состоялось торжественное открытие II Российско-индийского бизнес-форума «TIME: Индия – Россия. Взаимная эффективность», организованного Генеральным консульством Индии в Казани совместно с Агентством инвестиционного развития Республики Татарстан. Форум объединяет представителей органов государственной власти, деловых объединений и ведущих компаний Индии и России, преследующих общую цель — укрепление практического сотрудничества и разработку новых совместных проектов. В церемонии открытия приняли участие Председатель Государственного Совета Республики Татарстан г-н Ф.Х. Абдулганиев, Чрезвычайный и Полномочный Посол Индии в Российской Федерации Его Превосходительство г-н Винай Кумар, член Законодательного собрания Дели Шри Хариш Кхурана, а также другие высокопоставленные представители органов власти и деловых кругов. В программе двухдневного форума – выставка «Индия и Россия: межрегиональное партнёрство», серия экспертных сессий по вопросам образования, культуры, промышленности, информационных технологий, туризма и другим направлениям, встречи в формате B2B, промышленные экскурсии, культурная программа, Фестиваль индийского кино и другие мероприятия. @PMOIndia @MEAIndia @PIB_India @DDNewslive @airnewsalerts @ANI @PTI_News @IndianDiplomacy

— India in Russia (@IndEmbMoscow) October 15, 2026

The strong growth in trade has continued beyond the six-month period cited by the Indian envoy. Bilateral commerce reached $47.7 billion in January-July, up 24.3% year-on-year, according to Indian Commerce Ministry figures cited by Russian lender Sberbank.

India’s imports from Russia totaled $44.9 billion during the seven months, including $36 billion in crude oil purchases. Indian exports reached $2.8 billion as Russia bought more chemicals, electrical goods, medical equipment, seafood, tea, and spices.

Bilateral goods trade grew from around $13 billion in 2021-22 to nearly $60 billion in 2025-26, Indian Foreign Minister S. Jaishankar said in August. However, the trade imbalance also widened as India bought Russian oil in huge quantities amid disruptions in the Middle East caused by the US-Israeli attacks on Iran.

New Delhi is seeking to expand shipments of pharmaceuticals, engineering goods, chemicals, food products, and auto components to Russia to lower the deficit.

Both sides are working on a bilateral investment treaty and strengthening local currency payment mechanisms to facilitate trade. India has also launched free trade negotiations with the Eurasian Economic Union, which includes Russia, to expand market access.