Union Finance and Corporate Affairs Minister Nirmala Sitharaman met Denis Alipov, Ambassador of Russia to India, in New Delhi on Friday to discuss ways to strengthen economic and financial cooperation between the two countries.
According to the Ministry of Finance, the meeting focused on expanding bilateral trade, increasing investment flows, improving financial connectivity and exploring new opportunities for economic cooperation.
Both sides reaffirmed their commitment to further strengthening the longstanding India-Russia partnership.
India-Russia Trade Target of $100 Billion by 2030
The meeting comes as India and Russia are working towards an ambitious target of increasing bilateral trade to $100 billion by 2030.
In September 2026, Commerce and Industry Minister Piyush Goyal called for greater economic and industrial cooperation between the two countries to achieve this target. He also highlighted the importance of increasing Indian exports to Russia.
Several sectors have been identified for expanding trade, including:
– Pharmaceuticals and healthcare products.
– Engineering goods and automobile components.
– Food products and agricultural goods.
Textiles and chemicals.
– Information technology and emerging technologies.
Investment and Financial Connectivity
India and Russia are also exploring opportunities to increase two-way investments and improve payment arrangements for businesses.
Both countries have been working to strengthen trade settlement mechanisms using their national currencies, the Indian rupee and Russian rouble.
Improved banking arrangements, easier payments and better transport connectivity are considered important for expanding business relations.
Transport and Energy Cooperation
The two countries are also working to improve transport and trade links through major connectivity projects, including:
- International North-South Transport Corridor (INSTC).
- Chennai-Vladivostok Maritime Corridor.
Energy cooperation, including oil, gas, fertilisers and civil nuclear energy, remains another important part of India-Russia relations.
The latest meeting between Sitharaman and Ambassador Denis Alipov reflects continued efforts by both countries to expand economic engagement, encourage investment and strengthen their longstanding partnership.