New Delhi has a detailed plan with Moscow to diversify trade dominated by energy and defense, the Indian ambassador has said

India and Russia are creating a framework to boost bilateral trade to $100 billion by 2030, New Delhi's ambassador to Moscow has said.

Trade between the two countries has increased more than six-fold in the past two years, exceeding $65 billion in 2024, according to official estimates.

"We just agreed between the two countries a strategic economic plan for 2030," India's ambassador to Russia, Vinay Kumar, said at the XVI Russian-Indian Business Dialogue in Moscow on Tuesday.

The strategic plan is detailed enough to "identify the various sectors we need to work and also mention the institutions and the agencies which have to deliver on that and also do the monitoring," Kumar added.

During Prime Minister Narendra Modi's visit to Russia last year, the two countries set a target to boost trade to $100 billion by 2030. Russia and India signed a dozen memoranda spanning infrastructure, energy, pharma and media sectors during President Vladimir Putin's visit to New Delhi earlier this month.

Top officials at this week's business dialogue in Moscow said Russia is keen to expand and diversify trade with India, which is now dominated by energy and defense.

Sergey Cheryomin, head of the Department of Foreign Economic and International Relations of the City of Moscow, referred to India's Smart City program as a potential avenue for cooperation.

"Moscow can offer unique digital solutions related to video analytics and big data processing, creating a high end and one of the best video surveillance systems in the world," he said.

Labor mobility is another key topic in discussions. Russia is experiencing a significant labor shortage, particularly in its industrial regions. The Russian Labor Ministry estimates that this shortfall could reach 3.1 million workers by 2030. As a result, thousands of Indian blue-collar workers have already been employed by various Russian companies in the industrial, construction, and logistics sectors.

India has been actively negotiating a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), which includes Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, since August. The FTA will allow India greater market access to Russia and other countries in the former Soviet Union, with reduced tariffs and simplified legal and customs processes, supporting medium-scale enterprises and farmers.