Moscow, Jan 26 (PTI) India and Russia are moving confidently to achieve a target of USD 100 billion in bilateral trade by 2030 and steps are being taken to expand the trade basket, Ambassador Vinay Kumar said on Monday.

"The past year has been particularly active. We had a very successful visit of President (Vladimir) Putin. Achieving the bilateral trade target of USD 100 billion by 2030 is eminently possible,” Ambassador Kumar said while talking to PTI on India’s 77th Republic Day.

“Steps are being taken, including identification of new items, and a free trade agreement will facilitate the achievement of this target," he added, noting that trade has increased with new opportunities in fertilisers, agriculture and engineering.

According to reports, in FY 2024–25, India-Russia bilateral trade reached a record high of approximately USD 68.7 billion due to massive import of Russian crude.

"More of the trade is being conducted already in the national currencies and this trend will continue as we further deepen trade and economic ties,” the ambassador said.

Earlier, addressing the Indian community which gathered in large numbers at the embassy compound on the 77th Republic Day, Ambassador Kumar underscored the “active and result-oriented” phase in the bilateral relations between New Delhi and Moscow.

During Putin’s visit to New Delhi last month, Prime Minister Narendra Modi exuded confidence that the USD 100 billion bilateral trade target between India and Russia will be achieved ahead of 2030.

Speaking at the India-Russia Business Forum, along with Russian President Putin, Modi invited Russian businesses to 'come and Make In India...and partner with India'. PTI VS GSP GSP

India-Russia trade aims for USD 100 billion by 2030, using a free trade agreement and national currency settlement. India and Russia are targeting USD 100 billion in bilateral trade by 2030 through trade diversification (fertilisers, agriculture, engineering, energy), promotion of investment and manufacturing partnerships, a proposed free trade agreement to facilitate transactions, and increased use of national currency settlement; FY 2024-25 bilateral trade reached approximately USD 68.7 billion driven largely by crude imports.