India and Russia have agreed to develop a strategic economic framework for bilateral trade to $10 billion by 2030, officials announced after the latest round of high-level talks in Moscow.
Ambassador of India to the Russian Federation, Vinay Kumar, confirmed the agreement, saying, “We just agreed between the two countries a strategic economic plan for 2030,” and highlighted that the plan identifies key areas of cooperation and specifies the roles of the respective agencies to ensure implementation and accountability. The meeting was held at the XVI Russian-Indian Business Dialogue in Moscow.
Bilateral trade between the two countries has expanded rapidly in recent years, more than sixfold over the last two years and exceeding $65 billion in 2024. While trade has traditionally been dominated by energy and defence imports, both sides have expressed interest in diversifying into new areas, including digital solutions, infrastructure and advanced technology corporations.
Top officials at the event said Russia is keen to expand and diversify trade with India, which is now dominated by energy and defence.
Sergey Cheryomin, head of the Department of Foreign Economic and International Relations of the City of Moscow, referred to India’s Smart City program as a potential avenue for cooperation.
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“Moscow can offer unique digital solutions related to video analytics and big data processing, creating a high-end and one of the best video surveillance systems in the world,” he added.
