Russian Minister of Industry and Trade Anton Alikhanov
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Russian Trade Minister Anton Alikhanov is expected to discuss concrete steps to strengthen India-Russia trade and economic ties with his Indian counterpart Piyush Goyal at a plenary session of the ongoing Russia-India business dialogue and industrial fair on Thursday, ahead of the meeting between Prime Minister Narendra Modi and President Vladimir Putin on Friday.“India and Russia have set a target of increasing bilateral trade to $100 billion by 2030, but a key priority for India is to bring down its widening trade deficit with Russia, currently at about $50 billion (mostly due to high energy imports by India), by boosting exports of a variety of products such as pharmaceuticals, agricultural and processed food products, engineering goods and textiles. The concern is likely to be discussed both at the trade ministers’ level and when the heads of state meet,” a source tracking the matter said.Bilateral tiesDiscussions between Alikhanov and Goyal are likely to focus on expanding bilateral trade and investment, promoting joint ventures and localisation, and addressing practical issues such as cross-border payments in national currencies, customs procedures and transport connectivity.The business dialogue is being held alongside INNOPROM.India, the first India edition of Russia’s major international industrial exhibition, which opened at Bharat Mandapam in New Delhi on Wednesday and runs till September 11. The event has brought together more than 200 companies and businesses from the two countries, offering a platform for industrial partnerships and investment opportunities. Participants include senior executives from major Russian companies such as Rostec, Rosatom, Roscosmos, RUSAL, Transmashholding, PhosAgro, the Russian Export Centre and Sber.Russian Ambassador to India Denis Alipov described the exhibition as “unprecedented in the history of Russian-Indian economic relations,” saying it was designed to generate practical business outcomes.At the fair, India’s National Industrial Corridor Development Corporation (NICDC) showcased opportunities under the National Industrial Corridor Development Programme (NICDP), one of the country’s largest planned industrial infrastructure initiatives, according to a statement issued by the Commerce and Industry Ministry on Wednesday. The programme spans 11 industrial corridors, 20 greenfield industrial smart cities and 13 States. Four smart cities have already been developed, while another 16 projects are at various stages of implementation.“Together, these projects cover approximately 19,878 hectares, with an estimated investment potential of around ₹5.35 lakh crore ($56.6 billion) and employment potential of nearly 1.4 million jobs,” the statement noted.Sector focusThe business programme is centered on sectors where the two countries see scope for deeper industrial integration, including critical minerals, additive manufacturing, regional aviation and digital technologies. Talks on critical minerals are expected to span the entire value chain, from exploration and extraction to advanced processing and high-value-added production. Sessions are also expected to examine mechanisms to make bilateral trade more efficient, including settlements in national currencies, customs procedures and transport corridors — issues that carry added weight as both countries look to ease payment and logistics bottlenecks while scaling up trade.The Indian exposition includes a National Steel Pavilion featuring SAIL, NMDC, MOIL and MECON, alongside participation from KABIL, Vedanta and ITC, and a dedicated presentation by Andhra Pradesh. The two sides are also exploring cooperation in computing, artificial intelligence, data infrastructure and standards, with B2B and B2G meetings aimed at matching Russian technological capabilities with Indian manufacturing strengths and identifying specific projects.Published on September 9, 2026
