New Delhi: India and Russia are poised to surpass the $100 billion bilateral trade target well ahead of the previously set 2030 deadline, Prime Minister Narendra Modi announced on Friday during the India-Russia Trade Forum held in New Delhi. The announcement came in the backdrop of Russian President Vladimir Putin highlighting opportunities for expanding commerce between the two nations during his visit.

Speaking at the forum, which brought together top business leaders and industry representatives from both countries, PM Modi underscored the strong potential of India-Russia economic ties. “Last year, President Putin and I had set a goal to achieve $100 billion bilateral trade by 2030. But after yesterday’s discussions and seeing the potential firsthand, I am confident that we can achieve this much earlier. We don’t need to wait until 2030,” Modi said, conveying optimism about accelerating trade growth.

The Prime Minister cited efforts to reduce tariff and non-tariff barriers as key measures facilitating smoother trade flows between India and Russia. In Hindi, he said, “We are moving forward with the resolve to achieve the target before the deadline. I’m confident.”

President Putin, addressing the forum, noted that Russia and India have been long-standing trade partners. He highlighted a record increase in trade volumes over the past three years, with bilateral trade reaching $68 billion last year, an increase of up to 80%. He also emphasized that the Russian delegation’s focus extended beyond energy contracts for oil and gas, signaling a desire for comprehensive collaboration across multiple sectors.

Both leaders highlighted the critical role of business leaders in driving bilateral trade. PM Modi remarked, “Friends, business leaders like you are the true strength behind these efforts. Your energy, your innovation, and your ambition give shape to our shared future.” He encouraged Indian and Russian enterprises to explore and expand opportunities in sectors such as logistics and connectivity, marine and deep-sea fishing, mobility and electric vehicles, pharmaceuticals and vaccine production, textiles, fertilizers, cement, and electronics.

The Prime Minister reflected on India’s rapid economic transformation over the past 11 years under the mantra “Reform, Perform, Transform,” which has guided the country toward becoming the third-largest economy in the world. He emphasised that India’s reform journey is ongoing, asserting, “In this reform journey of 11 years, we are neither tired nor paused. Our resolve is stronger than ever, and we are moving very fast towards our goal with full self-confidence.”

India’s recent administrative and structural reforms, particularly in taxation and sectoral openness, were also highlighted. PM Modi referenced the next-generation reforms in indirect taxes (dubbed GST 2.0), which became effective from September 22, designed to simplify compliance and ease business operations. He pointed out that the government is considering opening the civil nuclear sector to private investment and allowing greater private sector participation in defence and space industries. “These are not just administrative reforms, but they are mindset reforms aimed at achieving Viksit Bharat by 2047,” he said.

On the bilateral economic front, Modi indicated that India and Russia are working to establish “simplified and predictable” mechanisms to strengthen trade and investment links. He also noted ongoing discussions on a potential free trade agreement between India (Bharat) and the Eurasian Economic Union (EAEU), a five-member post-Soviet bloc led by Russia, which has a combined GDP of $6.5 trillion. Other members of the EAEU include Armenia, Belarus, Kazakhstan, and Kyrgyz Republic. The Prime Minister said New Delhi and Moscow had recently reviewed next steps for the FTA negotiations.

Reflecting on President Putin’s emphasis on trade and investment potential, Modi expressed confidence in achieving ambitious economic targets in a shorter timeframe. “Considering that, we can achieve big goals in a very short span of time,” he said, urging business communities to leverage the opportunities presented by deepening bilateral relations.

He also emphasised the importance of trust as the foundation of bilateral ties. “Either business or diplomacy, the foundation of any partnership is mutual trust. Bharat-Rus sambandh ki sabse badi shakti yahi vishwas hai [This confidence is the biggest strength of the India-Russia relationship],” Modi noted, highlighting the enduring strategic and economic partnership between the two nations.

The forum served as a platform to align governmental priorities with business strategies, underscoring shared ambitions to strengthen trade, investment, and technological collaboration. Both leaders stressed that energy, infrastructure, high technology, and industrial cooperation would play key roles in achieving the $100 billion trade target sooner than anticipated.

As India and Russia intensify efforts to deepen economic engagement, both sides signaled that the coming years would see a significant expansion in commercial exchanges. With trade flows already showing record growth and new policy frameworks facilitating business activity, the bilateral relationship is expected to emerge stronger, more diversified, and increasingly resilient against global economic uncertainties.