New Delhi: Amid growing momentum in their economic partnership, India and Russia are aiming to achieve $50 billion in mutual investments by 2030 through joint projects in advanced manufacturing, critical minerals, and green technology.

The India-Russia Joint Working Group on Priority Investment Projects, co-chaired by DPIIT Secretary Amardeep Singh Bhatia and Russian Deputy Minister of Economic Development Vladimir Iliychev, met in Moscow last Friday and agreed to encourage private companies to explore opportunities in both countries and promote joint projects across key sectors, particularly advanced manufacturing, green hydrogen, energy storage, metallurgy, mining, critical minerals, and new and emerging technologies, ET has learnt.

During the meeting, the Indian side also presented investment opportunities, reforms, and major developments in India, highlighting the availability of cost-effective skilled manpower and offering a strong platform for Russian industry to invest and grow jointly with Indian industry, ET has further learnt.

During the visit, the DPIIT Secretary was accompanied by representatives from India's premier industry chambers, CII and FICCI. The CII delegation, led by Rajasekharan Jambulingam, Managing Director of Value Energy Technologies Pvt Ltd, participated in the Russia-India Investment Forum held in Moscow and highlighted the growing potential for bilateral investments, stronger industrial collaboration, and resilient supply chains.

India's Ambassador to Russia, Vinay Kumar, had recently pitched the "Making in Russia for India" model across sectors, including fertilisers, critical minerals, and mining, to propel the expanding bilateral industrial partnership.

Speaking at the India-Russia Business Dialogue session at the St Petersburg International Economic Forum last month, Kumar referred to a "special opportunity" for doing business between the two countries.