Ambassador Vinay Kumar stated on Monday that efforts are being made to increase the trade basket and that India and Russia are advancing confidently toward their goal of USD 100 billion in bilateral trade by 2030.

"The last year has been especially busy. President Vladimir Putin's visit was a huge success. In an interview with PTI on India's 77th Republic Day, Ambassador Kumar stated that "achieving the bilateral trade target of USD 100 billion by 2030 is eminently possible."

"A free trade agreement will facilitate the achievement of this target, and steps are being taken, including identification of new items," he continued, pointing out that commerce has expanded due to new opportunities in engineering, agriculture, and fertilizers.

Due to significant imports of Russian petroleum, bilateral trade between India and Russia reportedly hit a record high of almost USD 68.7 billion in FY 2024–2025. The ambassador stated, "As we further deepen trade and economic ties, more of the trade is already being conducted in the national currencies and this trend will continue."
Earlier, Ambassador Kumar emphasized the "active and result-oriented" phase in the bilateral relations between New Delhi and Moscow while speaking to the Indian community that had assembled in great numbers at the embassy premises for the 77th Republic Day.
Prime Minister Narendra Modi expressed optimism that India and Russia will reach their USD 100 billion bilateral trade goal before 2030 during Putin's visit to New Delhi last month.

Speaking alongside Russian President Putin at the India-Russia Business Forum, Modi urged Russian companies to "come and Make In India..." and collaborate with India.