India, Russia on Track to Hit $100 Billion Trade Target Early

India’s External Affairs Minister, S. Jaishankar, expressed confidence that the India-Russia trade target of $100 billion will be reached before 2030, during the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation in New Delhi. He noted Russia’s role as a major supplier of fertilizers, crude oil, coal, and uranium, while highlighting India's pharmaceutical sector as a reliable option for Russia.

Addressing trade challenges like payments and logistics, Jaishankar acknowledged ongoing improvements. He stressed the importance of initiatives such as the International North-South Transport Corridor, the Chennai-Vladivostok Corridor, and the Northern Sea Route for bilateral connectivity. Visiting Russian First Deputy Prime Minister Denis Manturov remarked that trade turnover has increased more than five-fold in the past five years, making India Russia’s second-largest economic partner.