New Delhi: India and Russia recorded bilateral trade worth $38 billion in the first six months of 2026, putting the two countries on course towards their target of $100 billion in annual trade by 2030, Indian Ambassador to Russia Vinay Kumar said on Thursday.
Speaking to The Tribune on the sidelines of the India-Russia Business Forum in Kazan, Kumar said the two countries were expanding economic cooperation through energy, fertilisers, pharmaceuticals and employment opportunities for skilled Indian workers.
“Our target is to achieve $100 billion in India-Russia bilateral trade by 2030. In the first six months of this year, we have already done bilateral trade of $38 billion. So, we think we are on the right path to achieve the target,” he said.
The latest figures come as New Delhi and Moscow seek to broaden their economic partnership and increase the range of goods and services traded between them.
How Much Is India-Russia Trade Worth In 2026?
The $38-billion figure covers the first six months of 2026, according to Kumar. The stated goal is to reach $100 billion in annual bilateral trade by 2030.
India and Russia recorded trade worth approximately $68.7 billion in the 2024-25 financial year, according to official Indian government data. However, the relationship has been heavily tilted towards imports from Russia, particularly energy products.
India’s exports to Russia in 2024-25 were worth around $4.9 billion, while imports from Russia amounted to approximately $63.8 billion. This imbalance highlights why expanding Indian exports and improving market access remain important parts of the countries’ trade ambitions.
What Does India Import From Russia And Export In Return?
Energy remains a major component of India’s imports from Russia. Indian purchases include crude oil and petroleum products, fertilisers, vegetable oils, coking coal and other commodities.
India, meanwhile, exports pharmaceuticals, chemicals, iron and steel, marine products and other manufactured and agricultural goods.
Kumar said India was sourcing essential raw materials, particularly energy and fertilisers, from Russia while increasing exports of pharmaceuticals and exploring opportunities for skilled Indian workers.
Expanding exports beyond traditional categories will be important if the two countries are to build a more balanced trading relationship.
Why Are More Indians Working In Russia’s Kazan Region?
Kumar said the number of Indians employed in the Kazan region had increased sharply over the past two years as local economic growth created demand for workers.
“This region is growing fast and requires workforce. In just the last two years, there has been a massive increase in the Indian workforce here,” he said.
The ambassador added that Indians were being allocated around 25 per cent of the region’s quota for foreign workers on average.
The development points to a growing employment dimension in India-Russia relations, alongside the movement of goods, energy supplies and industrial cooperation. However, the figure relates to the foreign-worker quota in the region and should not be interpreted as meaning that Indians account for 25 per cent of all workers in Kazan.
What Is The India-Russia Business Forum In Kazan?
The second edition of the India-Russia Business Forum began in Kazan on Thursday, bringing together business representatives to explore trade and investment opportunities.
The discussions cover sectors including energy, defence, information technology, agriculture and pharmaceuticals. Tatarstan, the Russian region whose capital is Kazan, has also been promoting cooperation with India in education, science and technology.
The forum is part of wider efforts to strengthen commercial ties and encourage Indian and Russian companies to explore joint projects.
Can India And Russia Reach The $100-Billion Trade Target By 2030?
The first-half trade figure provides a measure of progress towards the target, but reaching $100 billion will depend on how trade develops over the coming years.
India’s ability to expand exports, secure better access to the Russian market and diversify the trade basket will be important. Investment, logistics, payment arrangements and cooperation in sectors beyond energy will also shape the partnership.
The rise in Indian employment in Kazan offers another avenue for economic engagement. Whether that translates into a broader and more balanced relationship will depend on the opportunities businesses and workers can sustain in the years ahead.
