India and Russia target $100 billion trade by 2030

India and Russia are aiming to lift bilateral trade to $100 billion and two-way investment to $50 billion by 2030, Commerce and Industry Minister Piyush Goyal said on Thursday at India-Russia business events in New Delhi held alongside Russian Industry and Trade Minister Anton Alikhanov. With current trade at around $60 billion a year, Goyal said the two countries would need to add roughly $40 billion over the next four years, requiring sustained double-digit annual growth from both governments and businesses. Speaking at the India-Russia Business Dialogue and the INNOPROM industrial trade fair, which opened in the Indian capital on Thursday, Goyal identified pharmaceuticals, engineering goods, chemicals, textiles, food and marine products, and auto components as priority sectors for expanding non-energy trade, which he said remains well below its potential. He noted a complementarity between the two economies, with Russia a significant importer of goods that India exports widely elsewhere but has yet to sell to Russia in large volumes.