India, Russia target $50 billion in mutual investments by 2030

India and Russia agreed to target $50 billion in mutual investments by 2030, focusing on joint ventures in advanced manufacturing and critical minerals, according to a joint statement after talks in Moscow. The two sides also discussed green technology collaboration, though the statement gave fewer details on that pillar.

India pitched its cost-competitive skilled workforce and investment-friendly reforms as advantages for joint ventures. Russian firms, in turn, gain access to India's large domestic market and production base.

The critical minerals component is particularly relevant for India's energy transition. The country imports most of its lithium and rare earths from China and has been seeking alternative sources. Russia holds significant reserves of cobalt and platinum group metals, which are essential for batteries and electronics. The push to diversify critical mineral sources echoes similar efforts in other bilateral pacts, such as the India-Japan AI economy pact.

On the manufacturing side, the "Making in Russia for India" model was promoted. Under that framework, Russian companies would produce goods specifically for the Indian market, potentially in sectors such as automotive components and machinery.

The investment target of $50 billion by 2030 is ambitious. Bilateral trade stood at about $65 billion in the last fiscal year, driven largely by oil and fertilizer purchases. The new focus on manufacturing and minerals marks a shift toward deeper industrial integration beyond energy.

Both governments said they would encourage private sector participation and exploration of joint ventures. No specific projects were announced. The "Making in Russia for India" model, under which Russian firms manufacture goods for the Indian market, was promoted as a way to deepen industrial ties beyond traditional energy trade.