Commerce and industry minister Piyush Goyal will meet his Russian counterpart, Anton Alikhanov, on Thursday in New Delhi to deepen economic cooperation and boost bilateral trade between the two partners, which have set a $100 billion bilateral trade target by 2030.
“The two ministers will have bilateral discussions as they are scheduled to meet at INNOPROM India 2026,” a commerce ministry spokesperson said. INNOPROM India is an international industrial trade fair being held on September 9-11 at the Bharat Mandapam, coinciding with the 18th Brics Summit in New Delhi.
The first-ever trade show is expected to attract both investments and boost trade, he said. “India and Russia have set a bilateral trade target of approximately ₹9.45 lakh crore ($100 billion) by 2030, with the wider economic partnership increasingly focusing on manufacturing, investments, technology cooperation, logistics, localisation and industrial clusters,” a commerce ministry’s statement said.
India’s state-run National Industrial Corridor Development Corporation Ltd (NICDC), which is also participating in the event, see an opportunity to engage directly with Russian companies, technology providers, investors and business delegations and showcase India’s industrial corridors as attractive destinations for long-term manufacturing investment, it said.
“At INNOPROM India 2026, NICDC showcased opportunities under the National Industrial Corridor Development Programme (NICDP), one of India’s largest planned industrial infrastructure initiatives,” it said. The programme spans 11 industrial corridors and 20 greenfield industrial smart cities in 13 States. Four industrial smart cities have already been developed, while another 16 projects are at various stages of implementation.
{{/usCountry}}“At INNOPROM India 2026, NICDC showcased opportunities under the National Industrial Corridor Development Programme (NICDP), one of India’s largest planned industrial infrastructure initiatives,” it said. The programme spans 11 industrial corridors and 20 greenfield industrial smart cities in 13 States. Four industrial smart cities have already been developed, while another 16 projects are at various stages of implementation.
{{/usCountry}}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 said.
According to the commerce and industry ministry, potential areas of India-Russia manufacturing cooperation include advanced engineering and machinery, railway and transport equipment, metals, energy and renewable energy, automobiles, aerospace and defence, pharmaceuticals, chemicals, textiles and advanced manufacturing technologies.
Reputed International companies including those from Russia have a presence in the NICDC cities and are running their operations smoothly, it said. Previous engagements with Russian stakeholders have identified NICDC cities at the Krishnapatnam Industrial Area in Andhra Pradesh and the Tumakuru Industrial Area in Karnataka as locations that could potentially be explored for such cooperation.
NICDC’s engagement with Moscow has also covered identification of Moscow-based companies interested in investing in India, B2B matchmaking, business missions, exchange of experience in industrial clusters and Special Economic Zones, and the possibility of establishing a Russian industrial cluster within an NICDC city, it said.
So far, NICDC has allocated 469 industrial plots (in completed and upcoming projects) covering approximately 2,109 hectares, representing associated investment potential of around ₹2.21 lakh crore ($23.4 billion) and employment potential of approximately 129,000 persons, the statement said.
The four developed industrial smart cities are -- Dholera Special Investment Region (Gujarat), Shendra-Bidkin Industrial Area (AURIC) in Maharashtra, Integrated Industrial Township Greater Noida (Uttar Pradesh) and Integrated Industrial Township Vikram Udyogpuri (Madhya Pradesh).
These cities are being developed as investment-ready, plug-and-play manufacturing ecosystems, with serviced industrial land, reliable power, water and wastewater systems, ICT infrastructure and multimodal connectivity to highways, railways, ports and airports, it said.
The programme is also aligned with the PM GatiShakti National Master Plan, enabling industrial development to be integrated with major transport and logistics networks, it added.