‘Ahead of schedule’: PM Modi says India-Russia trade to cross $100 bn before 2030

Setting an ambitious, accelerated horizon for economic cooperation, Prime Minister Narendra Modi on Thursday said India and Russia are poised to surpass the $100-billion bilateral trade target well before 2030, driven by deepening trust, structural reforms and expanding opportunities across defence, space, tech and new-age sectors.

Speaking at the India-Russia Business Forum in Delhi, PM Modi said the pace of economic transformation in India over the past 11 years has been “unprecedented”, backed by the principle of “reform, perform and transform.” With sweeping changes in taxation, compliance norms and private-sector participation, he said India is moving “rapidly and confidently” toward becoming the world’s third-largest economy.

'$100 billion sooner than 2030'

Modi said that after discussions with Russian President Vladimir Putin over the past two days, he believes the bilateral trade milestone will be achieved ahead of schedule. “Tariff and non-tariff barriers are being reduced… We are moving forward with determination to achieve that goal ahead of time,” he said, adding that talks on a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) have already begun.

Calling India-Russia ties a partnership built on “mutual trust,” Modi said this foundation offers “direction and momentum” for economic convergence.

Putin praises India’s ‘independent, sovereign policy’

President Vladimir Putin, who brought a large business delegation to India, highlighted the scale and potential of the relationship.

Over the past three years, India-Russia trade has seen a record jump of nearly 80%, with volumes reaching $64 billion last year, Putin noted. The two countries, he said, are “long-time trade partners” with “vast opportunities” for further growth in investment and consumer markets.

He also lauded India’s foreign-policy autonomy: “Under the leadership of His Excellency Modi, India is conducting an absolutely independent and sovereign policy and at the same time achieving very good economic results.”

Putin added that Russia is keen to participate in India’s AI Summit planned for February 2026, signalling growing collaboration in emerging technologies.

PM Modi highlighted that India’s reforms were not just bureaucratic adjustments but “mindset reforms.” With defence and space now open to private innovation, he said the civil-nuclear sector will be the next frontier of cooperation and investment.

“This is not just administrative reform, but mindset reform. The only resolve behind these reforms is a developed India,” he said.