Russian Finance Minister Anton Siluanov has articulated a robust vision for economic collaboration between Russia and India, expressing strong confidence in achieving the bilateral trade target of $100 billion by 2030. This ambitious goal comes amid rapidly expanding economic ties that have already surpassed previous expectations, with current trade volumes reaching $68 billion—more than double the $30 billion target set by President Vladimir Putin in 2018.
In an exclusive interview with Russian media outlet Izvestia, Minister Siluanov highlighted the strategic importance of enhanced financial infrastructure in facilitating this growth. The recent inauguration of VTB Bank’s flagship office in India represents a concrete step toward streamlining financial settlements between the two nations. “The more opportunities there are for settlements, the simpler trade and economic relations will be carried out,” Siluanov emphasized, noting that such developments are crucial for achieving the 2030 target.
The minister detailed the multifaceted nature of the growing economic partnership, which now extends across multiple sectors including energy resources, military-technical cooperation, equipment and machinery trade, investment relations, and tourism. Siluanov specifically mentioned Russia’s ongoing efforts to increase imports from India, implementing directives from President Putin to strengthen economic bonds.
This economic diplomacy unfolds against the backdrop of President Putin’s scheduled state visit to New Delhi for the 23rd India-Russia Annual Summit. The high-level meetings are expected to further solidify the strategic partnership between the two nations, building upon the remarkable progress already achieved in their economic relations.