Commerce and business minister Piyush Goyal will meet his Russian counterpart, Anton Alikhanov, on Thursday in New Delhi to deepen financial cooperation and enhance bilateral commerce between the 2 companions, which have set a $100 billion bilateral commerce goal by 2030.
“The 2 ministers can have bilateral discussions as they’re scheduled to fulfill at INNOPROM India 2026,” a commerce ministry spokesperson mentioned. INNOPROM India is a world industrial commerce truthful being held on September Sept. 11 on the Bharat Mandapam, coinciding with the 18th Brics Summit in New Delhi.
The primary-ever commerce present is anticipated to draw each investments and enhance commerce, he mentioned. “India and Russia have set a bilateral commerce goal of roughly ₹9.45 lakh crore ($100 billion) by 2030, with the broader financial partnership more and more specializing in manufacturing, investments, know-how cooperation, logistics, localisation and industrial clusters,” a commerce ministry’s assertion mentioned.
India’s state-run Nationwide Industrial Hall Improvement Company Ltd (NICDC), which can also be taking part within the occasion, see a possibility to interact straight with Russian corporations, know-how suppliers, buyers and enterprise delegations and showcase India’s industrial corridors as engaging locations for long-term manufacturing funding, it mentioned.
“At INNOPROM India 2026, NICDC showcased alternatives beneath the Nationwide Industrial Hall Improvement Programme (NICDP), one in every of India’s largest deliberate industrial infrastructure initiatives,” it mentioned. The programme spans 11 industrial corridors and 20 greenfield industrial good cities in 13 States. 4 industrial good cities have already been developed, whereas one other 16 tasks are at numerous phases of implementation.
Collectively, these tasks cowl roughly 19,878 hectares, with an estimated funding potential of round ₹5.35 lakh crore ($56.6 billion) and employment potential of practically 1.4 million jobs, the assertion mentioned.
In line with the commerce and business ministry, potential areas of India-Russia manufacturing cooperation embrace superior engineering and equipment, railway and transport tools, metals, vitality and renewable vitality, vehicles, aerospace and defence, prescribed drugs, chemical compounds, textiles and superior manufacturing applied sciences.
Reputed Worldwide corporations together with these from Russia have a presence within the NICDC cities and are working their operations easily, it mentioned. Earlier engagements with Russian stakeholders have recognized NICDC cities on the Krishnapatnam Industrial Space in Andhra Pradesh and the Tumakuru Industrial Space in Karnataka as places that would doubtlessly be explored for such cooperation.
NICDC’s engagement with Moscow has additionally lined identification of Moscow-based corporations curious about investing in India, B2B matchmaking, enterprise missions, change of expertise in industrial clusters and Particular Financial Zones, and the potential for establishing a Russian industrial cluster inside an NICDC metropolis, it mentioned.
Thus far, NICDC has allotted 469 industrial plots (in accomplished and upcoming tasks) masking roughly 2,109 hectares, representing related funding potential of round ₹2.21 lakh crore ($23.4 billion) and employment potential of roughly 129,000 individuals, the assertion mentioned.
The 4 developed industrial good cities are — Dholera Particular Funding Area (Gujarat), Shendra-Bidkin Industrial Space (AURIC) in Maharashtra, Built-in Industrial Township Higher Noida (Uttar Pradesh) and Built-in Industrial Township Vikram Udyogpuri (Madhya Pradesh).
These cities are being developed as investment-ready, plug-and-play manufacturing ecosystems, with serviced industrial land, dependable energy, water and wastewater techniques, ICT infrastructure and multimodal connectivity to highways, railways, ports and airports, it mentioned.
The programme can also be aligned with the PM GatiShakti Nationwide Grasp Plan, enabling industrial improvement to be built-in with main transport and logistics networks, it added.