India and Russia are boosting economic cooperation through new initiatives unveiled at the first INNOPROM event in New Delhi, highlighting opportunities in manufacturing, smart cities, and bilateral trade targets of $100 billion by 2030.
Union Minister of Commerce and Industry Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov toured the National Industrial Corridor Development Corporation pavilion at Bharat Mandapam in New Delhi on Thursday, as India used the first INNOPROM event in the country to showcase its industrial and manufacturing plans. Officials said the two ministers were briefed on initiatives intended to deepen the country’s industrial base and improve the conditions for manufacturing investment.
According to an official statement, the discussions at the pavilion centred on opportunities for India-Russia cooperation in manufacturing, industrial technology, localisation and investment. The NICDC said visitors showed particular interest in industrial land, infrastructure, transport links and the ease of setting up production facilities in India, reflecting a broader pitch to global manufacturers looking to expand in Asia.
NICDC also held a series of business-to-business meetings with Russian counterparts, BRICS delegates, potential investors and industry representatives. Those talks covered manufacturing partnerships, technology transfer, supply-chain links and the role of India’s emerging industrial smart cities, with sectors ranging from machinery and transport systems to automobiles, metals, energy, pharmaceuticals, chemicals and aerospace. The Press Information Bureau said the corporation is highlighting 20 industrial smart cities across 13 states, backed by an estimated investment potential of ₹5.35 lakh crore.
The event comes as both countries seek to deepen industrial ties alongside wider trade goals. Government material cited by the Press Information Bureau points to a bilateral trade target of ₹9.45 lakh crore, or $100 billion, by 2030. The official INNOPROM programme in New Delhi, running from 9-11 September, is being positioned as a platform for business meetings, investment discussions and technology partnerships, with organisers saying it is intended to connect manufacturers, buyers and suppliers across the two markets.
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