India, Russia to trade $100 billion by 2030 in energy and agriculture sectors

India and Russia have set an ambitious target of increasing bilateral trade to over $100 billion by 2030. The decision was announced during the 22nd annual bilateral summit held in Moscow between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin.

The goal of surpassing $100 billion in bilateral trade by 2030 represents a significant increase from current levels. The two countries plan to strengthen cooperation in various sectors, including energy, agriculture, infrastructure and the digital economy.

There is an emphasis on using national currencies (Indian rupee and Russian ruble) for trade settlements, which has the potential to reduce dependence on the US dollar.

Both nations are seeking to boost investment activity under special investment regimes. The agreement includes efforts to expand and optimize trade routes, such as the International North-South Transport Corridor.