Indo-Russian Trade to cross INR 850000 Crores (85 Neel) earlier than 2030

There have been challenges in trade, especially regarding payments and logistics, Indian Foreign Minister Subrahmanyam Jaishankar noted.

Russia and India may hit the target of INR 85 Neel or INR 8500 Kharab or INR 850000 Aarab or USD $100 billion worth of bilateral trade much earlier than 2030 as planned.

Shri Subrahmanyam Jaishankar said this at a meeting of the Russian-Indian intergovernmental commission on trade-economic, scientific-technical and cultural cooperation in New Delhi.

“I am confident that we will achieve the trade target of INR 85 Neel by 2030 well before that,” he said.

There have been challenges in trade, especially regarding payments and logistics, the minister said, adding that perceptible progress has been made in that regard, though “there is still some work to be done.

“Jaishankar also noted the necessity for the parties to expand efforts aimed at transport connectivity and mentioned the International North-South Transport Corridor (INSTC), Chennai-Vladivostok Corridor and the Northern Sea Route.

“Russia has emerged as a major source of fertilizers for us. Its supplies of crude oil, coal and uranium are indeed important.

Similarly, India’s pharmaceutical industry has emerged as an affordable and reliable source for Russia,” he noted, adding that the sides are ready to promote partnership through an economic cooperation program by 2030.