India, Russia aim for $100 billion trade by 2030 as Modi, Putin push cooperation

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The Economic Times daily newspaper is available online now. Read Today's Paper India, Russia aim for $100 billion trade by 2030 as Modi, Putin push cooperationET OnlineLast Updated: Oct 24, 2026, 12:46:00 PM ISTSynopsis

Indian Ambassador Vinay Kumar announced collaboration plans between India and Russia to increase trade significantly. Prime Minister Narendra Modi and President Vladimir Putin have directed efforts toward enhancing mutual investments. India is ready to provide qualified workers to meet Russia's industry requirements by training specialists. The leaders reviewed these plans during their recent meeting at the BRICS summit in New Delhi.

Indian Ambassador Vinay Kumar stated that Prime Minister Narendra Modi and Russian President Vladimir Putin have directed their respective governments to deepen bilateral cooperation, as India and Russia seek to boost two-way trade to USD 100 billion by 2030.

In an interview with Russian news agency TASS published on Saturday, Envoy Kumar shared that the two leaders reviewed the entire gamut of bilateral ties on the sidelines of the BRICS summit held in New Delhi on September 12-13.

“One of the concrete results of the cooperation was the joint participation of the leaders of our countries in the BRICS business summit, as well as a visit to the Innoprom-India exhibition, the first Russian industrial exhibition held in New Delhi,” the envoy informed TASS.

Also read: Piyush Goyal asks ministry to identify AI-proof jobs, eyes handlooms, handicrafts and tourism, says India can lead in traditional sectors

He noted that the leaders instructed relevant ministries and departments to strengthen partnership across various domains, particularly trade and commerce.

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Kumar highlighted that both nations remain committed to elevating bilateral trade to USD 100 billion and mutual investments to USD 50 billion by 2030.

Addressing manpower cooperation, Kumar affirmed that India is prepared to fulfill Russia's demand for qualified personnel based on its specific requirements.

He pointed out that Indian nationals currently constitute roughly 25 to 30 percent of Russia's foreign worker quota.

With a population approaching 1.5 billion, India is positioning itself as a major international hub for skilled labor, Kumar emphasized.

He added that the average age of India's labor force is 29, with working-age individuals comprising nearly 69 percent of the total population.

India is actively preparing specialists for both domestic needs and foreign employment, Kumar explained, noting that New Delhi has suggested Russia set up educational centers in India or partner with existing institutions to train personnel tailored to the needs of Russian industry.
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