India and Russia are advancing with strong confidence to achieve their ambitious bilateral trade target of USD 100 billion by 2030, with recent diplomatic and economic efforts paving the way for significant growth. Ambassador Vinay Kumar highlighted this optimistic outlook during India's 77th Republic Day celebrations, emphasizing the active phase in relations between the two nations.
Record Trade Figures and Strategic Goals
According to recent reports, the fiscal year 2024–25 witnessed a historic milestone as India-Russia bilateral trade soared to approximately USD 68.7 billion. This remarkable achievement is largely attributed to substantial imports of Russian crude oil, which have bolstered economic ties. Ambassador Kumar noted that this surge positions both countries well on the path to reaching the USD 100 billion target ahead of schedule.
Expanding Trade Basket and New Opportunities
Steps are actively being taken to diversify and expand the trade basket between India and Russia. Identification of new items and sectors is underway, with promising opportunities emerging in fertilisers, agriculture, and engineering. Ambassador Kumar stressed that a potential free trade agreement would further facilitate this expansion, making the bilateral trade goal eminently achievable.
Diplomatic Engagements and Economic Partnerships
The past year has been particularly dynamic, highlighted by a successful visit from Russian President Vladimir Putin to New Delhi. During this visit, Prime Minister Narendra Modi expressed confidence that the USD 100 billion trade target would be met before 2030. At the India-Russia Business Forum, Modi extended an invitation to Russian businesses, urging them to 'come and Make In India...and partner with India', signaling a strong push for deeper economic collaboration.
Shift to National Currencies and Future Prospects
In a significant development, more trade transactions are now being conducted in national currencies, reducing dependency on traditional global currencies. Ambassador Kumar indicated that this trend is expected to continue as bilateral trade and economic ties deepen further. This move not only strengthens economic sovereignty but also enhances financial stability between the two nations.
Addressing the Indian community gathered at the embassy on Republic Day, Ambassador Kumar underscored the 'active and result-oriented' nature of current bilateral relations. With strategic initiatives and mutual commitments, India and Russia are poised to transform their economic partnership, setting a robust foundation for sustained growth and cooperation in the coming years.
